Markets pare early gains in volatile trade amid weak global equities


MUMBAI: Benchmark indices Sensex and Nifty started trading on Wednesday on firm note but later gave up all initial gains amid weak global activity markets.
The 30-stock BSE Sensex climbed 204.23 points to 61,965.56 in early trade. The NSE Nifty gained 57.2 points to 18,323.15.
However, both major benchmark indices later gave up all gains, with the BSE benchmark down 71.95 points to 61,689.38 while the Nifty fell 22.85 points to 18,243.10.
Sensex companies include IndusInd Bank, Power Grid, Tata MotorsReliance Industries, UltraTech Cement, Nestle and ITC were the biggest gainers.
State Bank of India, Tata Steel, Axis Bank and HDFC were the main laggards.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong traded lower.
US markets closed in negative territory on Tuesday.
“April US inflation data will be a major focus as it would provide clues on the Fed’s next course of action on interest rates,” said Prashanth Tapse, senior VP (research) at Mehta Equities Ltd.
Meanwhile, global oil benchmark Brent crude fell 0.70 percent to $76.90 a barrel.
Foreign institutional investors (FIIs) were net buyers on Tuesday, buying shares worth Rs.1,942.19 crore, according to stock market data.
The BSE benchmark slipped 2.92 points on Tuesday to close at 61,761.33. The Nifty closed up slightly by 1.55 points, or 0.01 percent, at 18,265.95.

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