Sensex fails to maintain initial gains, eases by 69 points

The Bombay Stock Exchange (BSE) benchmark Sensex was down by 69 points at 1015 hours on Thursday as initial gains were erased by selling pressure in capital goods, fast moving consumer goods, banking and IT stocks.

The 30-share BSE index resumed higher at 16,837.76 and moved up further to 16,843.98 in view of a firming trend in other Asian markets, but declined immediately to 16,632.45 before quoting at 16,640.89 at 1015 hours, a net loss of 68.71 points, or 0.41 per cent, from its previous close at 16,709.60.

The National Stock Exchange’s 50-share Nifty Index was also down by 28.40 points, or 0.57 per cent, at 4,984.15 at 1015 hours.

The major losers in early trade were Maruti Suzuki (down 2.13 per cent), HUL (1.60 per cent), ICICI Bank (1.40 per cent), Larsen & Toubro (1.35 per cent), Bharti airtel (1.20 per cent) and Hindalco Industries (1.17 per cent).

However, DLF was up by 2.10 per cent, while Jindal Steel shares registered a 1.11 per cent rise vis-a-vis their previous close.

Meanwhile, Asian stocks rose in early trade, with the trading sentiment buoyed by assurances from France and Germany that Europe will stand behind Greece as the nation struggles to cut its debt pile. The key benchmark indices in Singapore, Japan, South Korea, Taiwan and Hong Kong rose by between 0.48 per cent and 2.34 per cent while indices in China and Indonesia fell by between 0.02 per cent and 1.47 per cent.