BSE Sensex trims gains in late morning trade, up 3 points

Investors will be watching closely the gross domestic product (GDP) data to see if demand wilted in the final three months of a year ago following Prime Minister Narendra Modi's surprise decision to ban high-value currency notes.

The Sensex resumed higher at 28,825.19 and firmed up further to 28,876.54 on initial buying but fell afterwards to 28,797.21 before quoting at 28,816.13 at 1030hrs, still showing a gain of 3.25 points, or 0.01 pct.

The BSE Sensex recovered close to 51 points while the Nifty50 scaled the 8,900-mark in early trade today as investors took to buying ahead of GDP data scheduled to be released later in the day amid firm global cues. Bank of India Ltd climbed 2.3 percent, while Punjab National Bank rose 1.3 percent.

Among the BSE sectoral indices, Oil & Gas index jumped the most, up 1.4 per cent, while Telecom index became the top loser, down 1.4 per cent.

Jindal Steel & Power Ltd is now trading at Rs 127.9, up by Rs 3.35 or 2.69% from its previous closing of Rs 124.55 on the BSE.

Top gainers in the Sensex-30 pack: Reliance Industries (up 5.7 per cent), Gail (up 1.3 per cent), HUL (up 1.3 per cent), Sun Pharma (up 1.1 per cent) and Bajaj Auto (up 1 per cent).

Reuters had earlier reported that a subsidiary of Providence Equity Partners is selling its 3.3 per cent stake in India's third-biggest mobile phone carrier Idea Cellular Ltd for at least $190 million. "With no major trigger due immediately, markets will be rangebound in the next couple of days", said Siddharth Purohit, a senior research analyst with Angel Broking.

On Wall Street, US stocks gained, with the Dow Jones Industrial Average closing at a record high at 0.08 per cent for a 12th straight session. The Standard & Poor's 500 index also closed at a record high.

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  • Zachary Reyes