The BSE Sensex pared its early gains to fall over 100 points in late morning deals, on selling in metal, energy, capital goods, banks, financials and realty sectors amid weakness rupee as well as negative Asian cues.
Caution also crept ahead of the release of the gross domestic product (GDP) data for the June quarter today.
Earlier, the Sensex surged nearly 150 points on buying in healthcare, IT, teck, power, capital goods, consumer durables, utilities, FMCG, industrial and FMCG sectors.
The 30-share index is trading at 38,638.63, showing a loss of 51.47 points, or 0.13 per cent at 1100 hrs.
The broader Nifty50 index was also trading marginally lower at 11,670.00, down 6.80 points, or 0.06 per cent.
Major losers were Yes Bank, Reliance Industries, Vedanta, ICICI Bank and M&M falling up to 6 per cent.
Gainers include, PowerGrid, Sun Pharma, Infosys and Wipro, rising up to 2 per cent.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net of Rs 958.01 crore on net basis, while, domestic institutional investors (DIIs) sold equities to the tune of Rs 1,598.67 crore yesterday, provisional data showed.
Asian markets declined as Wall Street ended its four-day winning streak in the last session, following a report that US President Donald Trump told his aides that he supports going ahead with the imposition of proposed tariffs on an additional USD 200 billion in Chinese goods.
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