BSE benchmark Sensex surrendered its initial gains but was still trading higher by 64.33 points in late morning deals on Monday, helped by buying in mainly consumer durables, metal, healthcare and power counters. Investors opted for some caution ahead of key IIP data, to be released later in the day, and also because the week is holiday curtailed as the markets will remain closed on 11th for Dussehra and 12th for Moharram.
Meanwhile, profit-booking witnessed in realty and energy counters. The 30-share index resumed higher at 28,144.28 and hovered between 28,216.64 and 28,083.39 before quoting at 28,129.47 at 1105 hours, up 68.33 points, or 0.24 per cent from its last close.
The NSE 50-share Nifty was also trading higher by 27.05 points, or 0.31 per cent, to 8,724.65. Major gainers were Tata Steel 2.66 per cent, followed by Cipla 2.09 per cent, GAIL 1.93 per cent, Asian Paint 1.44 per cent, Lupin 1.21 per cent and Infosys 0.91 per cent. Notable losers were ONGC 1.29 per cent, HDFC 1.03 per cent and Bharti Airtl 0.98 per cent. Foreign portfolio investors (FPIs) bought shares worth a net Rs 56.25 crore last Friday, showed provisional data.
Overseas, Asian stock markets were trading lower with markets in Hong Kong, Japan and Taiwan are shut for public holidays. US stocks fell last Friday to end the week lower following a report on US employment that came in below expectations but was viewed as strong enough for the US central bank to consider raising interest rates by the end of the year.