Sensex, Nifty Give Up Early Gains

The Bombay Stock Exchange logo is seen at the BSE building in Mumbai India

The Bombay Stock Exchange logo is seen at the BSE building in Mumbai India

Shares of SBI rose 1.50 per cent, Kotak Bank up 0.58 per cent and Axis Bank gained 0.07 per cent while Yes Bank rose 1.45 per cent, lifting the Nifty Bank Index by 0.12 per cent. "Asian market is trading mixed", said Dhruv Desai, Director and Chief Operating Officer of Tradebulls. The broader Nifty index finished at 9,630, down 3.60 points from its previous close. Realty, metal, power and auto rose up to 1.09%, staying in the positive zone.

Bolstered by slew of market-friendly measures initiated by Sebi, the Sensex rose over 239 points to hit a lifetime high of 31,523, only to surrender most of the gains at the fag end of the session today as bouts of sell-off gained pace amid weak oil prices in worldwide markets.

On the other hand, the S&P BSE banking index was up by 42.31 points, the finance index by 8.01 points and the telecom index by 0.20 points.

Among a host of key decisions, Sebi eased its takeover norms for restructuring listed companies with stressed assets, a move that is expected to bolster efforts for bad loan resolution.

"There's a possibility of a rate cut, not now, but in some time".

Shares of Maruti Suzuki India Ltd and Tata Motors Ltd rose more than 1 per cent.

Reliance Industries was the top gainer in Nifty up 1.2 per cent.

However, the markets gave up all their gains during the second half of the trading session as weakness in global crude oil prices triggered heavy selling in the shares of oil marketing firms.

The S&P 500 and Dow stock indexes were weighed down by falling energy shares as oil prices fell on Wednesday and added to investor concerns about low inflation, while healthcare and technology stocks helped lift the Nasdaq Composite index.

USA stocks closed mostly lower on Wednesday, but techy-heavy index Nasdaq bucked the trend to close at 6,233 with gains of 45 points.

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