Sensex, Nifty wash out initial gains on fresh selling

Both the indices, sensex and Nifty, washed out initial gains on fresh selling mainly in Auto, Healthcare, IT, Consumer Durable and Banking sectors ahead of the Railway Budget and was trailing down by about 67 points at 1100 hours.
Analysts said the market may remain volatile today, as traders roll over positions in the futures & options (F&O) segment from the near month February 2015 series to March 2015 series.
The near month February 2015 derivatives contracts expires today.
The key event to watch out is the Railway Budget 2015-16.
The BSE Sensex resumed higher at 29,051.90 and gained further to 29,069.13 on initial strong buying but later drifted to 28,885.33 before quoting at 28,945.11 at 1100 hours.

It showed a loss of around 67 points from its last close.

The CNX 50-share Nifty declined by 22.90 points or 0.26 per cent to quote at 8,744.35 at 1045hrs.
While, foreign portfolio investors (FPIs) bought shares worth a net Rs 516.06 crore yesterday, domestic institutional investors (DIIs) got shares worth a net Rs 19.60 crore on Wednesday, as per provisional data.
Asian stocks were trading mixed in early trade today.
Key benchmark indices in Singapore, Taiwan, Indonesia and South Korea fell by 0.09 pct to 0.74 pct while indices in China, Japan and Hong Kong rose by 0.31 pct to 1.39 pct.