Sensex cuts back losses, trades 27 points lower

Mumbai: Stocks wrested some of their lost ground as they cut down their early losses, with the Sensex trading down by 27 points in view of the derivatives expiry for January. FMCG, healthcare, power and utilities advanced while telecom, realty and capital goods came under strain.

After opening lower, the 30-share BSE Sensex quoted at 24,465.72 at 1154 hours, down 26.67 points, or 0.11 per cent. The 50-share Nifty too slipped 3.75 points, or 0.05 per cent to 7,434 at 1154 hours. Those that lost big included L&T (down 1.77 per cent), Bharti Airtel (1.70 per cent), GAIL (1.41 per cent), and Tata Steel (1.28 per cent). However, Dr Reddy's rose 1.69 per cent, HUL 1.64 per cent, Sun Pharma 1.19 per cent and NTPC 1.15 per cent.

Foreign portfolio investors (FPIs) net sold shares worth Rs 366.93 crore yesterday, provisional data from exchanges showed. Other Asian stocks were mixed after the Federal Reserve indicated yesterday that it will be gradual in raising rates amid a global market turmoil.

US stocks wound up with losses yesterday as the Federal Reserve held interest rates unchanged, as expected, after a two-day policy meet and said it's closely monitoring global economic and financial developments.