Sensex trims its initial losses, still down 147 points

The S&P BSE benchmark sensex trimmed its initial losses but was still quoted lower by 147 points in the late morning trade due to persistent selling pressure mainly in IT, Teck, Auto, Realty and Metal sectors, triggered by fall in the global markets.
Sustained foreign capital outflows also affected the market sentiment. Foreign institutional investors (FIIs) sold shares worth a net Rs 735.73 crore yesterday as per provisional data from the stock exchanges.
IT stocks edged lower on weak economic data in US. US is the biggest outsourcing market for the IT firms.
While Infosys and TCS were down 1.23 pct and 1.85 pct respectively, Wipro lost 2.02 pct and HCL Technologies 2.88 pct.

Asian stocks tumbled in their early trade amid a global equities sell-off. Key benchmark indices in Indonesia, Japan, Singapore and South Korea shed between 0.59 pct and 2.97 pct.
US stocks fell yesterday sending benchmark indexes to their biggest declines since June, as manufacturing in the world's largest economy slowed more than estimated.

The sensex resumed lower at 20,050.99 and dropped further to 19,963.12 on initial selling pressure. However, it recovered later to quote at 20,062.69 at 1030hrs, still showing a loss of 146.57 points or 0.73 per cent from its last close.
The NSE 50-share Nifty also fell by 45.05 points or 0.75 per cent to 5,956.75 at 1030hrs.

Other losers were M&M 2.76 pct, Gail India 2.71 pct, Hindalco 2.08 pct, SSLT 1.59 pct and ITC 1.00 pct.