Sensex, Nifty take a selling hit, reverse gear

Stocks made a U-turn today as the Sensex fell 107 points and the Nifty slipped through 9,550 after wiping off their early gains.
This is for most part due to fresh selling, mainly in realty, oil and gas, banking, capital goods and power, as mixed Asian cues offered no firm guidance as to which way to move.
Broader markets even fared worse, with BSE mid-cap and small-cap indices sliding 1.02 per cent and 1.19 per cent, respectively.
The Sensex started higher before hitting 31,031.26 at 1113 hours, down 106.95 points, or 0.34 per cent. The NSE 50- share Nifty was down 49.35 points, or 0.52 per cent, at 9,525.60.

Major losers were SBI 2.93 per cent, Axis Bank 2.51 per cent and ICICI Bank 1.97 per cent.
Foreign portfolio investors (FPIs) picked up shares worth a net Rs 269.95 crore last Friday, as per provisional data. Domestic institutional investors (DIIs), however, net sold shares worth Rs 45.78 crore.
Overseas, Asian stocks did not throw up a clear picture as investors looked forward to central bankers' speeches. Federal Reserve Chair Janet Yellen is due to speak in London later today.
US equities closed mixed yesterday, as a rise in the financial sector helped offset losses from large-cap technology stocks.