Sensex surrenders early gains, drops 53 points

The S&P BSE benchmark Sensex failed to maintain initial gains and was quoted lower by 53 points in the late morning trade on bouts of profit-booking mainly in banking, metals, power, consumer durable and FMCG stocks.
The BSE 30-share index opened higher at 19,951.73 and moved up further to 19,981.57 on strong buying well supported by funds.
However, it dropped to 19,796.39 before quoting at 19,841.30 at 1030 hrs, showing a loss of 52.55 points or 0.26 per cent from its last close.
The NSE 50-share Nifty also moved down by 15.75 points or 0.27 per cent to 5,866.50 at 1030 hrs.

Major losers were BHEL (2.39 pc), ICICI Bank (2.29 pc), Bharti Airtel (2.15 pc), HDFC Bank (1.92 pc) and HDFC (1.42 pc).
Meanwhile, foreign institutional investors (FIIs) bought shares worth a net Rs 172.15 crore yesterday as per provisional data from the stock exchanges.
Asian stocks rose in early trade after US jobless claims unexpectedly fell and Japan's inflation accelerated to the fastest pace since 2008. Key benchmark indices in China, Hong Kong, Taiwan, Indonesia, Singapore and South Korea rose 0.1 per cent to 0.78 per cent, while Japan's Nikkei fell 0.05 per cent.