Sensex gives up early gains, drops 54 pts in late morning

The BSE Sensex gave up earlier gains and was down 54 points to quote at 28,994.53 in late morning trade on profit-booking from operators mainly in healthcare, IT, metal, technology and FMCG sectors amidst mixed global cues.
The Sensex resumed higher at 29,092.16 and moved up further to 29,098.17 on initial buying on the back of good foreign capital inflows.
However, it dropped afterwards to 28,979.09 on profit-booking from operators before quoting at 28,994.53 at 1100 hrs, showing a loss of 53.66 points, or 0.18 per cent.
The NSE 50-share Nifty also dropped by 19.65 points. Or 0.22 per cent, to quote at 8,943.80 at 1100 hrs.

Major losers were Tata Steel (1.73 pct), Infosys (1.59 pct), Axis Bnak (1.03 pct), Lupin (0.92 pct), Sun Pharma (0.78 pct) and Bharti Airtel (0.69 pct).
However, Adani Ports rose by 1.07 pct, TCS 0.81 pct, ONGC 0.52 pct, Gail 0.52 pct and Tata Motors 0.49 pct.

Meanwhile, foreign funds bought shares net Rs 564.15 crore yesterday as per the provisional figures issued by the stock exchanges.
Overseas, Asian stocks witnessed a mixed trend in early trade amid weak closing on the Wall Street overnight.
US stocks registered modest losses yesterday as the chances of tighter monetary policy from the Federal Reserve sunk in for investors, while geopolitical concerns increased.

Federal Reserve Chair Janet Yellen last Friday said that raising interest rates this month would likely be appropriate.