Sensex narrows gains, but still up 216 points

Mumbai: The BSE benchmark Sensex lost some of its early momentum as it gave up initial gains, but was still up 216 points following sustained buying, mainly in realty and oil and gas, amid encouraging global cues.

The BSE Sensex and the Nifty both hit their highest levels in more than nine weeks.

The 30-share index resumed higher at 27,466.64 and hovered in a range of 27,555.06 and 27,456.23 before quoting at 27,503.97 at 1149 hours, a gain of 216.31 points, or 0.79%, from its last close.

The 50-share Nifty was also trading higher at 53 points, or 0.64%, to 8,304.70 at 1149 hours.

The stocks that added to gains were NTPC (2.66%), ONGC, ITC and GAIL. However, Bharti Airtel fell 2.41% followed by Wipro and Maruti.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 48.33 crore on Wednesday, as per provisional data.

Overseas, Asia was sharply higher, tracking offshore gains following hints of fresh stimulus from the European Central Bank (ECB).

US stocks ended sharply higher yesterday, rallying on economic data, better-than-expected earnings and dovish comments from ECB President Mario Draghi.

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