Sensex gives up initial surge, down by 69 pts in morning trade

MUMBAI: The stock market surrendered its initial dominance and the benchmark Sensex was down by another 69 points due to weak Asian cues in morning deals on the opening day of mega IPO of Reliance Power.
    
In fairly volatile trade, the Bombay Stock Exchange (BSE) 30-share barometer touched a high of 20,872.93 immediately after resumption of trade but fell sharply to quote at 20,658.77 at 1030 hrs, a fall of 69.28 points over Monday's close of 20,728.05.
    
The broader S&P CNX Nifty of the National Stock Exchange (NSE) also moved down by 16.65 points to quote at 6,190.15 at 1030 hrs from previous close of 6,206.80.
    
According to market participants, there might be some liquidity drain from secondary market to invest in mega IPO of Reliance Power of which subscriptions started today.
    
Small and mid-cap counters attracted good buying interest after last week's heavy sell-off.
    
Besides Taiwan, most of the Asian markets were traded in the red this morning while the Dow Jones Industrial Average and the Nasdaq Composite Index recovered sharply last night.
    
As per provisional figures, Foreign Institutional Investors (FIIs) were net sellers worth Rs 257.66 crore and also pulled out Rs 1,103.20 crore from derivatives on Monday while domestic funds also sold shares to the tune of Rs 193.55 crore on the same day.