Sensex trims initial gains, still up by 26 points

Surrendering most of early gains, the BSE benchmark Sensex was quoting higher by 26 points in the late morning trade today on persistent buying, mainly in realty, metal, banking and consumer durable sectors.
Higher Asian advices also boosted the market sentiment.
Index heavyweight Reliance Industries (RIL) fell 2.29 per cent on profit booking even after company posted a 32 per cent jump in its fourth quarter net profit, the biggest rise in almost three years, brokers said.
Foreign institutional investors (FIIs) bought shares worth a net Rs 591.76 crore yesterday as per provisional data from the stock exchanges.
The BSE benchmark Sensex resumed lower at 18,733.45 and hovered in a range of 18,832.05 and 18,703.26 before quoting at 18,771.13 at 1030 hrs, showing a gain of 26.20 points or 0.14 per cent from its last close.

The NSE 50-share Nifty also moved up by 14.60 points, or 0.26 per cent, to 5,703.55 at 1030 hrs.

Major gainers were SBI (2.31 per cent), Sterlite Ind (1.88 per cent), Coal India (1.73 per cent), Tata Steel (1.54 per cent), Gail India (1.53 per cent), Icici Bank (1.53 per cent), Bajaj Auto (1.35 per cent), M&M (1.06 per cent) and Sunpharma (1.00 per cent).
Asian stocks were trading mostly higher in their early trade today as US stocks rose yesterday on strong increase in US housing starts and better-than-expected corporate earnings.
Key benchmark indices in Singapore, Japan, Taiwan and Indonesia were up by 0.21 per cent to 0.99 per cent, while indices in Hong Kong, China and South Korea were down by 0.08 per cent to 0.64 per cent.