Benchmark Sensex loses momentum; slipped 16.53 points

Benchmark Sensex lost its early momentum as it swung back into the negative zone, hurt by profit-booking mainly in realty, banks and financial stocks.

In a trade marked by fluctuations, the 30-share index resumed higher, but soon slipped 16.53 points, or 0.06 per cent, to 27,791.61 at 1120 hours. The NSE 50-share Nifty too traded lower by 9.95 points, or 0.12 per cent, to 8,511.10.

The Axis Bank counter saw much of the losses as the scrip lost 1.67 per cent, followed by PowerGrid, Maruti and L&T. Foreign portfolio investors (FPIs) remained net buyers, purchasing shares worth Rs 212.92 crore yesterday, as per provisional data of the stock exchanges.

Overseas, Asian indices ruled higher, taking their gains of the past few sessions forward, amid improved risk appetite following overnight gains on the Wall Street and a jump in crude oil prices.

Optimism that central banks will take further steps by way of stimulus to revive their respective economies lifted investor sentiment.

US stocks closed higher yesterday, reflecting hopes about stimulus from Japan and China, along with speculation that the Bank of England would lower rates to help the UK economy sidestep the pitfalls of Brexit.

PTI