Sensex reverses gains, down 9 points in late morning trade

Mumbai, July 10: The benchmark BSE Sensex trimmed initial gains and fell by 9 points in late morning trade, dragged down by FMCG sectors, while fresh selling was seen in IT, consumer durables, teck and refineries sectors.

However, buying interest after a fall in previous three sessions was seen in banks, pharma and metal sectors support the index initially.

Industrial production (IIP) numbers for May are slated to be released later in the day.

The 30-share barometer resumed higher at 27,705.36 and hovered in a range of 27,729.46 and 27,530.90 before quoting 27,564.88 at 1100 hrs, a marginal fall of 8.78 pts or 0.03 per cent from its last close.

The 50-share Nifty also eased by 4.55 points or 0.05 per cent to 8,324 at 1100 hrs.

Major losers were, HUL (2.91 pc), Bharti Airtel (2.22 pc), NTPC (1.64 pc), TCS (1.39 pc), GAIL (1.37 pc), Bajaj Auto (1.17 pc), ONCG (1.15 pc) and Lupin (1.06 pc) Vedanta rose by 2.16 per cent, followed by coal India 1.50 per cent, Tata Motors 1.24 per cent, Sun Pharma 1.15 per cent and ICICI Bank 0.87 per cent.

Meanwhile, foreign investors sold shares worth Rs 254.10 crore yesterday, as per provisional  data.

Asian stocks edged higher as Chinese equities rebounded for the second day as Greecesubmitted a bailout plan, easing concern that the two countries' crises could infect globalmarkets.

Key benchmark indices in China, Singapore, Hong Kong, Japan, Indonesia and South Korea rose by 0.10 per cent to 5.16 per cent.

Government completely removes customs duty on sugar export

New Delhi: The central government has completely removed the duty on export of "raw sugar, white or refined sugar".'In order to promote exports with t...

Prasad warns FB of strong action if it sways electoral process

New Delhi: India on Wednesday warned social media platforms like Facebook of 'strong action' if any attempt was made by them to influence the country'...

PNB Rs 13,000 crore fraud: Mehul Choksi writes to CBI again

New Delhi: Responding to the fresh set of summons sent by Central Bureau of Investigation (CBI), absconding jeweller Mehul Choksi again wrote a letter...

How RBI is disposing of demonetised currency worth Rs 15.28 trillion

New Delhi: Demonetised Rs 500 and Rs 1,000 notes, which have been counted and processed for genuineness, are shredded and briquetted before being disp...