Sensex trims some early gains; up 78 points

MUMBAI: Erasing some of the early gains, the BSE benchmark sensex was trading higher by 78 points in late morning deals on buying mainly in FMCG, power, IT and consumer durable sectors, following government's decision to relax FDI rules for a number of sectors. 

Telecom stocks rose after the government announced increase in FDI ceiling in the telecom services sector to 100 per cent from 74 per cent, with Idea Cellular hitting record high andReliance Communications hitting 52-week high. 

Reliance Communications rose 2.43 per cent to Rs 149.45 after striking 52-week high of Rs 151.25 in intraday trade today. Bharti Airtel (up 1.56 per cent), Tata Teleservices (Maharashtra) (up 6.5 per cent) and MTNL (up 2.38 per cent)