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Sensex Trims Early Gains; Still Up 213 Pts

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The S&P BSE benchmark Sensex trimmed early gains but was still quoted higher by 213 points in late morning trade today amid buying in banking, capital goods, auto, power and PSU scrips.

The BSE-30 share barometer Sensex resumed higher at 19,997.38 and firmed up further to 20,086.43 points on renewed buying as market regulator Sebi allowed overseas entities to invest in government securities without any auction mechanism.

Higher advices from global markets coupled with gain in rupee value against the dollar also boosted the market sentiment.

However, it trimmed its earlier gains and was quoted at 19,945.98 points at 1030 hours, still showing a gain of 213.22 points or 1.08 per cent from last weekend's level.

The NSE 50-share index Nifty also firmed up by 56.35 points or 0.96 per cent to 5,906.95 at 1030 hours.

Foreign institutional investors (FIIs) sold shares worth net Rs 98 crore on last Friday, 13 September, as per provisional data from stock exchange.

Asian stocks rose in early trade after Lawrence Summers withdrew from the race to be the next Federal Reserve chairman, paving the way for Janet Yellen, who some investors say may favour a slower reduction in US stimulus.

Key benchmark indices in Taiwan, Hong Kong, Singapore, South Korea and Indonesia rose by 0.56 to 1.82 per cent while China's Shanghai Composite fell by 0.24 per cent.

Meanwhile the rupee pared its early gains but was still quoted higher by 76 paise to 62.72 per dollar in late morning deals on selling of the US currency by banks and exporters.

The local currency resumed lower at 63.70 per dollar as against the last weekend's level of 63.48 at the Interbank Foreign Exchange (Forex) market. However, it recovered afterwards to 62.50 before quoting 62.72 per dollar at 1040 hours.

It moved in a range of 62.50 and 63.70 per dollar during the morning deals.

In the global markets, the US dollar traded lower in early trade after former US Treasury Secretary Larry Summers withdrew himself from the race to be the next Federal Reserve chairman.