Sensex cuts initial gains, still up by 50 points

Mumbai, Oct 23: The benchmark Sensex erased some of its initial gains following mild selling mainly in auto, finance and capital goods stocks.

The 30-share Sensex resumed higher at 32,411.86 and hovered in a range of 32,614.89 and 32,393.33 before quoting 32,439.12 at 1100 hours, a rise of 49.16 pts or 0.15 per cent. 

The S&P BSE Mid-Cap index rose 0.46 per cent and the S&P BSE small-cap index also gained 0.12 per cent. 

The NSE 50-share Nifty was also trading up by 17.00 points or 0.17 per cent to 10,163.55. 

Major gainers were BhartiAirtel (2.76 pct), HeroMotco (1.55 pct), ICICI Bank (1.49 pct), Reliance (1.44 pct), Adaniport (1.39 pct), Coal India (1.33 pct) and Sunpharma (1.28 pct).

However, Axis Bank fell by 1.74 pct followed by TataMtrDvr 1.47 pct, HDFC 1.28 pct and Bajaj Auto 1.27 pct. 

Foreign portfolio investors (FPIs) sold shares worth a net Rs 43.74 crore last Thursday, as per provisional data released by the stock exchanges. 

Domestic institutional investors (DIIs) bought shares worth a net Rs 40.78 crore. 

Most of Asian stocks gained as the dollar spiked to more than three-month highs against the yen following a snap election in Japan yesterday. 

Wall Street stocks surged to fresh records last Friday, after US lawmakers took a key step toward enacting the tax reform plan sought by President Donald Trump.