Sensex sheds initial gains; down by 61 pts

Parring its initial gains, the Bombay Stock Exchange benchmark Sens*x was quoted lower by over 61 points in late morning trade on Monday, despite firm Asian cues.

Amid high volatility, the BSE barometer, which opened on a positive note, was quoting lower by 61.39 points at 16,749.42 at 1030 hours from its previous close.

The 30-share index, Sens*x, had gained 56.76 points in the opening trade today.
The broader 50-issue Nifty of the National Stock Exchange too declined by 27.40 points from its last close.

According to brokers, the market might show volatility on alternate bouts of buying and selling ahead of the expiry of the derivatives contract on 29^th October.

Meanwhile, the Asian indices were quoting higher this morning between 0.06 percent and 0.94 percent despite fall on Wall Street last Friday.

Interest rates related shares from consumer durables and realty segments suffered a setback on expectations of the apex bank signalling interest rate hike on Tuesday.

However, some of the pharma and IT counters attracted good buying support.