01 Feb 11.10 AM: Indices give up early gains

01 February 2006

Both the Sensex and Nifty gave up early gains as traders are uncertain about market direction. There is also some profit booking after yesterday's rally.

The interest rate hike by yesterday has also affected sentiment. Most Asian markets are trading lower as the US indices are expected to decline today. Technology stocks in the US may come under pressure today after disappointing .

The Sensex opened the day at a new intra-day lifetime high of 9959 and saw a high of 9986. The index is trading flat at 9920 at 11.10 AM.

The Nifty saw a new lifetime intra-day high of 3011 before declining. The index is trading at 2991, down 10 points.

Dr. Reddy's surged more than 6 per cent and is the best performer among index stocks. Nalco is trading nearly 5 per cent higher after the company announced a price hike for aluminium.