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Sensex regains early losses as pharma and FMCG stocks advance

Paring its early losses, the benchmark BSE Sensex rose by 158 points on buying in pharma, FMCG, power and auto stocks.

The broader market also gained with BSE Midcap and Smallcap indices gaining over 0.5 per cent.

The Sensex had opened lower by 109 points, while NSE Nifty had fell below the 8,500 level due to weak Asian cues.

At 1050 hrs, the Sensex was trading at 28,340.17 points, up by 158.03, or 0.56 per cent, from previous close.

The 50-share Nifty also moved up by 34.35 points or 0.40 per cent to 8,563.80.

Sun Pharma rose by over 2 per cent on value buying adter recent falls. Among other major gainers, Bajaj Auto rose 1.98 per cent, Cipla by 1.88 per cent, HDFC 1.78 per cent, HUL by 1.74 per cent, M&M by 1.53 per cent, Reliance 1.08 per cent and Wipro by 1.00 per cent.

However, Vedanta fell by 3.04 per cent followed by Infosys by 1.14 per cent, Tata Steel by 0.91 per cent and TCS by 0.81 per cent.

While, Foreign portfolio investors (FPIs) sold shares worth a net Rs 226.88 crore yesterday, as per provisional data released by the stock exchanges.

Among Asian stocks, key benchmark indices in Singapore, Taiwan, Hong Kong, China, Japan and South Korea fell by 0.07 per cent to 1.12 per cent.

In New York, US stocks dropped yesterday, on weak earnings from bellwethers International Business Machines Corp. (IBM) and United Technologies Corp.