Sensex gives up early gains, trips by 27 points

Mumbai: In a volatile market, the benchmark BSE Sensex washed out initial gains and was quoted lower by 27 points at 27,537.61 in the late morning session due to fresh selling pressure, mainly in healthcare and metal, on the back of fresh foreign capital outflows. Stocks may remain volatile on May 28 in view of expiry of May contracts in the futures and options (F&O) segment on May 28. Foreign portfolio investors net sold shares worth Rs 934.98 crore on May 27, according to provisional data.

The Sensex resumed higher at 27,619.31 and firmed up to a high of 27,666.37 on initial buying on the back of overnight gains in the US market. However, it slipped immediately to 27,525.15 before quoting at 27,537.61 at 1100 hours, a loss of 27.05 points, or 0.10 per cent, from its last close. The 50-share Nifty also moved down 14 points, or 0.17 per cent, to 8,320.60 at 1100 hours. Top losers were Hindalco (1.75 per cent), M&M (1.64 per cent), Tata Power (1.52 per cent), Cipla (1.36 per cent), HDFC (1.30 per cent), Bharti Airtel (0.99 per cent), ONGC (0.95 per cent) and SBI (0.89 per cent).

In overseas markets, Asian stocks were trading mixed today. US stocks closed higher yesterday recovering from Tuesday's sell-off as encouraging Greece headlines boosted investor sentiment amid a slight pause in the dollar and yield climb. Key indices in Japan, Taiwan and South Korea were up between 0.41 per cent to 0.63 per cent while those in China, Hong Kong and Singapore were down 0.08 per cent to 1.4 per cent.