Sensex reverses initial gains, down 26 pts

There was a complete turnaround in fortunes as the benchmark BSE Sensex washed out all its early gains mainly due to profit-booking in FMCG, auto and banking sectors.
At the same time, value-buying was seen in consumer durables, healthcare, realty, capital goods, IT and oil and gas.
Weak Asian cues, along with sustained FII outflows, didn't help things either as sentiment remained subdued.
The BSE Sensex started off well at 28,291.88, but lost its way before quoting at 28,197.27 at 1202 hours, down 25.81 points, or 0.09% per cent.
The 50-share Nifty too was trading down 6.95 points, or 0.08 per cent, at 8,561 at 1202 hours.

Dr Reddy's, up 2.36 per cent, led the pack, while Lupin followed.

However, ITC tanked 1.96 pct followed by Coal India.
Meanwhile, foreign portfolio investors (FPIs) net bought shares worth Rs 447.90 crore yesterday, according to provisional exchange data.
Asian stocks were trading on a mixed note. In the New York market, S&P 500 and Nasdaq Composite rose yesterday following three days of losses as technology shares advanced while the Dow index ticked down.