Sensex pares initial losses, still down by 247 points

Market benchmark Sensex pared initial losses during late morning trade but was still down by 247.30 points following heavy selling in stocks of FMCG, energy, consumer durables and oils&gas sectors.
However, buying in IT, teck, healthcare, auto and banking helped the index trim losses.
The Sensex resumed lower at 31,775.54 and declined further to 31,626.44 before quoting at 31,827.48 at 1100 hours, down 247.30 points, or 0.77 per cent.
The NSE 50-share Nifty was also trading lower by 58.60 points, or 0.59 per cent, to 9,857.35 at 1100 hours.
Major losers were ITC by 11.28 per cent, Reliance 1.90 per cent and Coal India 0.32 per cent.

However, Cipla rose 1.66 per cent followed by Bharti Airtel 1.43 per cent , Dr Reddy 1.35 per cent, Sunpharma 1.30 per cent, Infosys 1.23 per cent, Larsen 1.23 per cent and Powergrid 1.02 per cent.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 328.61 crore yesterday, as per provisional data released by the stock exchanges.
Domestic institutional investors (DIIs) sold shares worth a net Rs 447.14 crore yesterday, as per provisional data.
Overseas, Asian shares edged lower on growing expectations that the Federal Reserve will take a more cautious approach to raising interest rates.
US market ended little changed yesterday, as investors braced for a flood of second-quarter earnings reports later this week.