sensex cuts initial gains, still up 39 points

Mumbai: The benchmark BSE Sensex lost its early momentum, but still traded up 39 points following sustained buying, mainly in metal, IT and technology. The breadth, a sign of the overall health of the market, was positive.

The Sensex resumed higher at 26,694.75 and hovered in a range of 26,794.96 and 26,623.33 before quoting at 26,692.74 at 1226 hours, a gain of 39.14 points, or 0.15 per cent, from its last close. The NSE 50-share Nifty also rose 11.75 points, or 0.14 per cent, to quote at 8,168.40.

Major gainers were Coal India 4.05 per cent, Tata Motors 2.87 per cent, Infosys 1.79 per cent and ITC 1.72 per cent. However, BHEL dropped 3.67 per cent followed by HDFC 3.36 per cent, Adani Ports 2.32 per cent and NTPC 1.50 per cent.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 479.89 crore last Friday, as per data from stock exchanges. Overseas, Japanese stocks led the gains in Asian equities as the yen weakened against the dollar. US stocks edged higher during the previous trading session after the latest data showed that the economy's slowdown in the first quarter is not as bad as initially thought.