Sensex surrenders initial gains, down 11 points

The benchmark S&P BSE Sensex erased initial gains and was quoted lower by 11 points due to fresh selling mainly in FMCG, banking and power stocks.
The Sensex resumed higher at 20,429.16 and firmed up further to a high of 20,434.50 on initial demand on the back of higher global cues.
However, it declined afterwards to 20,336.15 on fresh selling in view of foreign capital flows before quoting at 20,365.32 at 1045 hours, showing a loss of 11.24 points, or 0.06 per cent, from its last weekend's level.
The NSE 50-share Nifty also eased by 1.75 points, or 0.03 per cent, to 6,061.45 at 1045 hours.

Major losers were Bharti Airtel 1.82 pct, HUL 1.64 pct, NTPC 1.40 pct, HDFC Bank 1.27 pct and Gail India 0.91 pct.
However, BHEL firmed up by 1.77 pct, Dr Reddy's Lab 1.67 pct, Tata Steel 1.50 pct, Sun Pharma 1.45 pct and Reliance Ind 1.22 pct.
Foreign institutional investors (FIIs) sold shares worth a net Rs 267.26 crore on last Friday as per the provisional data from the stock exchanges.
Asian stocks rose in their early trade after US jobs data spurred the biggest two-day rally for US equities since October. Key benchmark indices in China, Indonesia, South Korea, Japan, and Taiwan rose 0.05 pct to 1.76 pct; while in Hong Kong and Singapore fell 0.02 pct to 0.09 pct.