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Sensex below 26000-level, still up 105 points in late morning

Mumbai: BSE Sensex pared its initial gains to dip below the psychological 26,000-level but was trading higher by about 105 points on buying in metal, energy, IT, teck, oil & gas and auto sectors amid higher Asian cues. While selling was seen in capital goods, utilities, power and realty segments. A relief rally, after six days of heavy losses, emerged this morning that helped the Sensex recapture 26,000-level briefly by gaining nearly 275 points, while the broader Nifty revisited the 8,000-mark.

The 30-share pack resumed higher at 25,928.16 and hovered in a range of 26,039.70 and 25,816.53 before quoting 25,869.91 at 1100 hours, showing a gain of 104.71 points, or 0.41 per cent, from its last close. The NSE 50-share Nifty also rose 145 points, or 1.80 per cent, to 7,972.35 at 1100 hours. Major gainers were, L&T 2.47 per cent, GAIL 2.23 per cent, NTPC 2.16 per cent, PowerGrid 1.46 per cent, Dr Reddy 0.98 per cent and M&M 0.98 per cent.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 1,310.82 crore yesterday, as per provisional data released by the stock exchanges. In overseas markets, Asian markets gained in the wake of solid gains in US markets overnight, while the Japanese yen briefly strengthened after a powerful earthquake rocked northern Japan appeared to have been taken in stride by investors. US stocks closed higher at fresh record highs yesterday, aided by a jump in oil prices and a pullback in the dollar.

PTI