Sensex slips for 2nd day, global cues weigh

Sensex adds to gains up 81 points on overseas cues

The BSE 30-share barometer, after charting the positive terrain for the better part of the session, touched a high of 31,392.53, but slipped to 31,261.49 in late afternoon deals on across-the-board profit booking, especially in power, banking and FMCG counters.

Around 2.55 p.m., the Sensex traded at 31,320.72 points - up 264.32 points or 0.85 per cent from its previous close at 31,056.40 points.

The benchmark BSE Sensex dropped 13,89 points or 0.04 percent to 31,283.64 while the broader Nifty index ended down 19.90 points or 0.21 percent at 9,633.60. The gauge had rallied 255.17 points in the previous session to an all-time closing high of 31,311.57. The true impact will be known only when the new procedure starts, it could have some hiccups in the supply chain, changes in inventory/revenue and inflationary impact.

Driven by the seriousness shown by policymakers to resolve the bad loan problem, banking stocks led by SBI, Axis Bank, HDFC Bank and ICICI Bank extended gains, rising by up to 1.94 %.

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Tata Motors shares fell almost 2 percent on profit taking after climbing more than 3 percent the previous day on the buzz that the company is considering an initial public offering for its Jaguar Land Rover subsidiary.

On the other hand Tata Motors (3.28%), Oil & Natural Gas Corporation (1.60%), Infosys (1.54%), Cipla (1.18%), and Tata Steel (0.56%) were the major gainers in the Sensex.

While, BSE Mid-cap Index closed up by 0.04% at 14,850, whereas BSE Small-cap Index closed up by 0.11% at 15,696. But Hong Kong's Hang Seng fell by as many as 148 points to finish at 25,694.58 while Japan's Nikkei also declined 91.62 points.