Sensex reverses trend, slips 65 points in late morning deals

Mumbai: The benchmark BSE Sensex slipped from its initial gains and was trading lower by 64.77 points in late morning deals amid renewed selling in telecom, banks, IT, teck, power and FMCG counters despite upbeat Asian cues. Earlier, the market opened in the red on value-buying and short-covering after overnight tumble amid worries of China's economic slowdown and political tensions in the Middle East.

The BSE Sensex resumed lower at 25,744.70 and traded between 25,766.76 and 25,548.31, before quoting 25,558.62 at 1105 hours, down 64.73 points or 0.25 per cent. The 50-share Nifty also declined 16.35 points or 0.21 per cent to 7,774.95 at 1105 hours. Major losers from the Sensex were Coal India (1.47 per cent), Infosys (1.43 per cent), TCS (1.26 per cent), Bharti Airtel (1.19 per cent) and HUL (1.15 per cent).

Meanwhile, foreign investors sold shares worth Rs 667.15 crore on January 4, provisional data showed. Overseas, Asian markets trading higher after the previous session's sharp losses. Also, US stocks closed lower yesterday weighed down by global headwinds.

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