Sensex erases initial gains to trade 100 points higher

The benchmark Sensex has shed two-thirds of its 300-points gain in opening trade and is trading about 100 points higher at 16,778 at around 10:20 am.

The drop reflects the nervousness seen in Asian markets today, which are also trading weaker over worries about US jobs growth data expected to be released today.

[caption id=“attachment_75070” align=“alignleft” width=“380” caption=“The drop reflects the nervousness seen in Asian markets today. Reuters”]  [/caption]

Jindal Steel was the biggest gainer on the Sensex, jumping 4 percent to Rs 539. Two-thirds of the 30 stocks that make up the benchmark were in positive territory. Index heavyweight Reliance Industries was also 2 percent up at Rs 800.

On the negative side, Everonn nosedived by 20 percent, after the Central Bureau of Investigation arrested the company managing director for giving bribes earlier this week.

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TCS was the biggest loser on the Sensex, surrendering close to 2 percent to trade at Rs 1,023. DLF also shed 1 percent.

Other realty stocks, such as DB Realty and Indiabulls Real Estate, also slumped by 3 percent each.

The oil and gas, metals and consumer durables sectors were the leading sector index gainers on the BSE.