Market reversed initial losses as the Sensex rose 45 points after emergence of fresh buying mainly in metal, auto and industrials. But telecom remained on the sell list. Nifty jumped over the 8600 level on the first day of the November series of derivatives contracts.
The BSE Sensex traded at 27,960.67 at 1100 hours, up 44.77 points, or 0.16 per cent, from its last close. The 50-share Nifty firmed up 25.45 points, or 0.30 per cent, to 8,640.70 at 1100 hours.
Major gainers were Tata Motors 2.53 per cent, Coal India 2.05 per cent, Dr Reddy’s 1.89 per cent, Tata Steel 1.41 per cent, Adani Ports 1.33 per cent, Lupin 1.21 per cent and Hero MotoCorp 1.16 per cent.
However, ICICI Bank came down 1.13 percent, Bharti Airtel 0.94 pct and Cipla 0.93 per cent. Foreign portfolio investors (FPIs) sold shares worth a net Rs 469.93 crore yesterday, as per provisional data. Most Asian shares dropped tracking overnight losses in US stocks.
US stocks turned weak yesterday as a sell-off in government bonds hit yield-sensitive sectors such as real estate and utilities.