Mumbai, Sep 08 : The benchmark BSE Sensex recovered from its initial losses, though ruling flat at 28,955, up 29 points, in late morning deals following mild buying in key sectoral indices. Steady FII inflows sustained the trading momentum while caution prevailed ahead of the European Central Bank’s monetary policy decision later in the day. The market gained following bouts of value buying in metal, realty, telecom, basic materials, energy, FMCG, auto, Oil&Gas and capital goods despite lower Asian cues. Meanwhile, IT and teck shares continue to witness profit-booking.
The 30-share index resumed flat at 29,929.46 and hovered between 28,988.51 and 28,854.56 before quoting at 28,955.82 at 1100 hrs, showing a gain of 29.46 or 0.10 per cent over its previous close. The 50-share Nifty was also trading flat, up by 3.80 points or 0.04 per cent at 8,921.75. Major gainers were Tata Steel 4.21 per cent, Bajaj Auto 3.29 per cent, Heromotoco 2.53 per cent, ONGC 2.00 per cent and Maruti 1.94 per cent. Notable losers include TCS 5.82 per cent, Infosys 2.45 per cent, Wipro 1.75 per cent and Tata Motors 1.43 per cent. (ALSO READ: Sensex slides 72 points in early trade on profit booking )
Meanwhile, foreign portfolio investors (FPIs) bought shares worth Rs 854.06 crore yesterday, as per provisional data released by the stock exchanges. Most Asian stocks were trading lower investors stayed cautious ahead of the European Central Bank (ECB)’s monetary policy decision later in the global day. US stocks ended on a mixed note yesterday as investors digested the release of the Federal Reserve’s Beige Book, a key indicator of the US economic health, which said economic activity continued to expand at a modest pace from July through late August.