Sensex declines by 62 points, Nifty trades below 8800

Benchmark Sensex indices continued to fall amid consolidation, down by 62 points in late morning trade and dragged by profit-booking in Auto, IT, Technology, Industrials and Banking sectors ahead of outcome of monetary policy committee meeting due tomorrow amid weak Asian cues.
Some buying activity is seen in Metal, Oil & gas, Healthcare, Power and Consumer Durables stocks.
The Sensex opened higher at 28,443.23 and moved in a range of 28,483.41 and 28,361.97. At 1100 hrs, the 30-share barometer was quoted lower by 61.92 pts, or 0.22 per cent, at 28,377.36.
The NSE 50-share Nifty was also down 21.05 points, or 0.24 per cent, at 8,780 at 1100 hrs.

Among the major lossers were, Tata Motors 1.55 per cent, M&M 1.22 per cent, Bajaj Auto 1.20 per cent and Wipro 1.00 per cent.
However, SunPharma rose by 0.92 per cent, ITC 0.63 per cent, Tata Steel 0.62 per cent, Cipla 0.58 per cent, Asianpaints 0.53 per cent, GAIL 0.51 per cent.

Meanwhile, Foreign portfolio investors (FPIs) sold shares worth a net Rs 449.52 crore yesterday, as per provisional data released by the stock exchanges.
Overseas, appetite for Asian stocks and the Euro evaporated early today as economic and political fears sent investors seeking shelter in the yen, while forecasts of China's foreign exchange reserves has fallen for a seventh month added to jitters.

US stocks closed modestly lower yesterday, as the S&P 500 index snapped a 3-day winning streak after mixed earnings.