Sensex loses its initial surge, rules steady

Markets turned volatile as the benchmark BSE Sensex gave up much of its early gains, quoting at 28,458.60 at 1156 hours, mainly due to fresh selling pressure in FMCG, banking and metal.
The benchmark resumed higher at 28,480.92 and firmed up further to 28,576.32 on sustained initial buying driven by firm Asian cues amid foreign capital inflows.
But as fresh profit booking kicked in, it fell to 28,417.46 before quoting at 28,458.60 at 1156 hrs.
The 50-share Nifty also eased to 8,605.85 at 1156 hours from its last close of 8,608.05.
Vedanta was in the lead, followed by Hindalco, BHEL, Tata Steel and Sun Pharma.

However, HDFC lost ground, followed by Coal India, HUL, Axis Bank and Tata Motors.
Meanwhile, foreign portfolio investors (FPIs) net bought shares worth Rs 745.81 crore yesterday, provisional exchange data showed.
Overseas, Asian stocks rose today, comforted by a rise in Chinese shares. Key benchmarks in China, Hong Kong, Singapore and Japan all rose up to 1.64 per cent. However, Taiwan index and South Korea's Kospi fell 0.06 per cent and 0.03 per cent, respectively.