Market washes out early gains, Sensex falls 36 pts

Monday, Dec 7, 2015,12:41 IST By metrovaartha A A A

Mumbai | The benchmark BSE Sensex washed out initial gains and was trading lower by 36 points at 25,601.65 in late morning trade on fresh selling in FMCG, metal and energy stocks Monday. The index resumed higher at 25,746.03 and firmed up to 25,785.53 on initial buying on the back of higher Asian cues. However, it fell to 25,596.43 before quoting 25,601.65 at 1100 hrs, showing a loss of 36.46 points or 0.14 per cent.

The Nifty also eased by 0.60 points of 0.01 per cent to 7,781.30 at 1100 hrs. Major losers were ITC (3.67 pc), NTPC (1.80 pc), Coal India (1.76 pc), ONGC (1.47 pc) and Dr Reddy’s (1.00 pc), while Sun Pharma rose 2.95 per cent, followed by Tata Steel (1.48 pc), Hidnalco (0.95 pc), HDFC Bank (0.86 pc) and Hero MotoCorp (0.84 pc).

In overseas stock markets, Asian share markets edged higher in the early trade after Wall Street welcomed an upbeat US jobs report that suggested the world’s biggest economy was well placed to handle an expected first increase in interest rates in almost a decade.

Strong job data and comments from European Central Bank President Mario Draghi that the bank can step up monetary stimulus if needed triggered a rally in US stocks on Friday. Foreign investors sold shares worth Rs 1,745.73 crore on Friday, as per provisional data.