Sensex trims initial gains, still up 96 points

The benchmark S&P BSE Sensex trimmed initial gains but was still quoted up 96 points in the morning trade in view of buying in refinery, auto and IT counters triggered by heavy foreign capital inflows into the equity market despite weak Asian cues.
Foreign institutional investors (FIIs) bought shares worth a net Rs 2,264.11 crore yesterday, as per provisional data from the stock exchanges.
The 30-scrip Sensex resumed higher at 20,792.37 and hovered in a range of 20,825.72 and 20,745.94 before quoting at 20,804.36 at 1030hrs, showing a gain of 95.74 points, or 0.46 per cent, from its last close.

The 50-share Nifty also firmed up by 18.15 points, or 0.29 per cent, to 6,184.80 at 1030hrs.
Major gainers were Wipro (2.03 pct), ONGC (1.81 pct), RIL (1.52 pct), TCS (1.52 pct), Tata Motors (1.30 pct), Hero Moto (1.13 pct) and ICICI Bank (1.12 pct).
Asian stocks edged lower in early trade, led by Chinese shares amid concern that funding costs for the nation's lenders will remain high despite the central bank injecting cash into the financial system.
Key benchmark indices in Hong Kong, China, Japan and Indonesia fell between 0.5 per cent and 0.96 per cent, while those in Taiwan, Singapore and South Korea rose between 0.18 per cent and 0.26 per cent.

US stocks yesterday recovered losses as investors shrugged off disappointing housing, manufacturing and employment reports, sending the Dow Jones Industrial Average to a record closing.