Sensex pares early morning gains; dips 47 points

Despite firm Asian cues, the Bombay Stock Exchange 30-share barometer fell by 46.77 points or 0.38 per cent to 12,111.26 points.

Selling in IT, banking and metal counters weighed on the domestic bourses with the benchmark Sensex dipping 47 points in the morning trade, paring its early morning gains, amid a 16-year low industrial production data for March and uncertainty over formation of government.

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Despite firm Asian cues, the Bombay Stock Exchange 30-share barometer fell by 46.77 points or 0.38 per cent to 12,111.26 points at 1015 hours. The Sensex, which opened over 53 points higher on increased capital inflow by foreign fund, as investors turned cautious and started, booking profits.

Despite the dip in the broader market, the realty and consumer durable counters attracted good buying support.

Yesterday, the Sensex registered its second biggest gains of 475 points in absolute term in 2009.

Operators seemed to be cautious and booked profits ahead of the general election results due on May 16, a broker said.

The 50-share Nifty of the National Stock Exchange also declined by 13.85 points or 0.38 per cent to 3,667.25 at 1015 hours as against last close.

Fall in the India's industrial production (IIP) to 2.3-- a 16-year low mark-- percent for March this year also weighed on the bourses.