Sensex's early rise hits a bump, IT weighs

Key benchmark indices lost some of their upward movement today as IT, metal, and auto stocks developed cold feet because of selling pressure.

The Sensex resumed higher before trading at 31,985.42 at 1130 hours, up 30.07 points, or 0.09 per cent.

The NSE 50-share Nifty was also trading marginally up by 4 points, or 0.04 per cent, at 9,903.60 at 1130 hours.

The top movers were Axis Bank 2.72 per cent, ONGC 2.09 per cent and Kotak Bank 1.41 per cent.

However, Tata Steel fell by 1.82 per cent, followed by Asian Paints and Hero MotoCorp.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 1,046.65 crore yesterday, as per provisional data.

Domestic institutional investors (DIIs) net offloaded shares worth Rs 12.48 crore yesterday.

Most Asian shares rose, propped up by global stocks at a record high on strong US corporate earnings. The Bank of Japan held its policy rate unchanged, which had a bearing.

US stock indices closed firmly higher yesterday, with main equity benchmarks notching up records, as buying appetite resumed on Wall Street.