Sensex slips 41 points, wipes out all gains

Showing sharp swings, the Sensex gave up gains and slipped 41 points after profit-booking in IT and technology sectors kept the forward momentum in check.
Investors were also wary of slower September growth in the services sector as pace of new orders moderated amid competitive pressure and unfavourable weather conditions.
The Nikkei India Services Purchasing Managers' Index (PMI), which tracks services sector companies on a monthly basis, stood at 52 in September, down from August's 43-month high of 54.7, pointing to a slower and moderate rate of expansion.
However, buying interest was seen in realty, metal, auto, telecom and FMCG counters.

The 30-share index resumed higher and was trading at 28,293.46 at 1143 hours, down 41.09 points, or 0.15 per cent, from its last close.
The NSE 50-share Nifty was trading lower by 12.55 points, or 0.14 per cent, to 8,756.60.

Major losers were ONGC (1.79 per cent), followed by Axis Bank, M&M, Wipro and Dr Reddy's.
Notable gainers were Asian Paints (2.2 per cent), HUL (1.24 per cent), SBI (1.22 per cent) and Tata Motors (1.08 per cent).
Foreign portfolio investors (FPIs) snapped up shares worth a net Rs 344.13 crore yesterday, showed provisional data.
Overseas, most Asian stocks were trading lower as concerns shifted to the likelihood of a US Federal Reserve rate increase by the year-end. Mainland Chinese markets remained closed for the National Day holiday.

US stocks were closed lower yesterday as investors digested data from the International Monetary Fund and remarks from a Federal Reserve official.