Sensex initial gains washed out, falls by 96 points

Market benchmark Sensex washed out initial gains and was lower by 96.31 points at 23,965.73 during mid-session trade on fresh selling pressure amid persistent foreign fund outflows.

Market benchmark Sensex washed out initial gains and was lower by 96.31 points at 23,965.73 during mid-session trade on fresh selling pressure amid persistent foreign fund outflows.

Indian stock markets which slipped to a 20-month-low during Wednesday’s trade are likely to open green on Thursday.. (HT Photo)

Foreign portfolio investors sold shares worth Rs 1,324.69 crore on Wednesday, as per provisional data.

The Sensex opened 289.79 points or 1.2% higher to touch day’s high of 24,351.83 in early trade on value-buying.

However, it fell afterwards to 23,956.08 before quoting 23,965.73 at 1200 hrs, showing a loss of 96.31 points or 0.40%.

The NSE 50-share Nifty also dropped by 26 points or 0.36% to 7,283.30 after moving in a range of 7,398.70 to 7,279.30.

In overseas markets, Asian shares rose as crude oil prices rebounded after recent steep slide. US stocks ended a wild session sharply lower on Wednesday but trimmed heavier losses scored earlier in the session as a modest bounce off session lows by crude-oil prices provided some relief.