Sensex flip-flops; IT, banks lead

The benchmark Sensex recovered 53 points from its initial losses in late morning deals on the back of renewed buying by foreign funds.

Market participants also ignored weakness in overseas markets and purchased shares from IT and banking segment, helping the recovery, stock brokers said.

Tracking the weak global cues, the Bombay Stock Exchange 30-share bellwether index resumed lower at 11,629.97 but rebounded to quote at 11,736.48 at 1015 hrs, a rise of 53.49 points or 0.46 per cent from its previous close.

On Monday, it closed lower by 193.44 points or 1.63 per cent.

Similarly, the 50-issue Nifty of the National Stock Exchange also edged up by 5.55 points or 0.16 per cent to 3,560.15 at 1015 hrs from last close.

Although political worries over the possibility of changing scenario after the election results due on May 16 dampened the sentiment, a broker said, adding that buying by Foreign Institutional Investors (FIIs) supported the market

From Asian indices, Taiwan was down by 3.36 per cent, Singapore by 1.25 per cent, Japan by 1.20 per cent, South Korea by 0.69 per cent and Hong Kong by 0.62 per cent while China was up by 0.18 per cent in their morning trade.