Sensex reverses initial losses, up 38 points in morning trade

Reversing its initial sharp losses, the benchmark BSE Sensex was trading positive amid caution, following bouts of value buying in capital goods, auto, banking, consumer durables, metals, FMCG, power and realty stocks.
Hectic profit-booking was witnessed in IT, Teck and Healthcare counters.
The market sentiments were overlapped by weak Asian cues along with sustained FII outflows.
The Sensex resumed lower at 26,229.67 and traded between 26,334.35 and 26,187.81 before quoting at 26,309.68 at 1005 hours, showing a gain of 37.71 points, or 0.14 per cent, from its last close.
While, the NSE 50-share Nifty traded almost flat, a tinge down by 0.85 points to 7,851.55 at 1005 hours.

Major gainers were L&T (1.79 per cent), BHEL (1.57 per cent), ONGC (1.18 per cent), SBIN (1.15 per cent), ITC (1.09 per cent) and Tata Motors (1.01 per cent).

The provisional data released by the stock exchanges showed that foreign portfolio investors (FPIs) sold shares worth a net Rs 332.84 crore yesterday.
Asian stocks were trading weak after the International Monetary Fund (IMF) cut its outlook for global growth in 2015.
Key benchmark indices in Singapore, Taiwan, Hong Kong, Japan, Indonesia and South Korea fell by 0.04 per cent to 1.47 per cent, while China's Shanghai Composite index rose 0.3 per cent.