Sensex gives up early gains, slips into negative on profit-booking

Mumbai: The benchmark BSE Sensex failed to hold its initial gains and slipped into the negative territory by falling over 155 points in late morning trade as funds and retail investors indulged in profit-booking. [caption id=“attachment_2029249” align=“alignleft” width=“380”]  PTI image[/caption]After rising nearly 150 points in early trade following sustained buying on optimism over the forthcoming Budget, the Sensex fell to trade 155.14 points, or 0.52 percent, down at 29,165.12 at 1130 hours. The index had touched a high of 29,469.86 in early trade. Banking, FMCG, infrastructure, power, oil & gas, PSU, realty, auto and healthcare sector stocks were the major losers that pulled down the Sensex and Nifty from initial higher levels. The 30-share index had gained 1,092.84 points in previous six sessions. Similarly, the National Stock Exchange index Nifty was trading 59.50 points, or 0.67 per cent lower at 8,809.60 after regaining the 8,900-mark in early trade. Brokers said emergence of profit-booking by funds in stocks that had recently logged gains led to the fall in markets. Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 2,187.96 crore yesterday, according to provisional data from stock exchanges. Barring Japan’s Nikkei, all other Asian markets will remain closed today due to Lunar New Year celebrations. PTI