The benchmark BSE Sensex pared its initial gains and slipped by 39.60 points in late morning trade on profit-booking in key stocks of energy, auto, oil and gas, technology and FMCG sectors.


Earlier, the market rallied 165 points on a firm trend in Asian equities following overnight rally in US bourses after the Federal Reserve announced the first interest rate hike in nearly a decade.


The index resumed higher at 25,596.63 and hovered between 25,659.32 and 25,452.88. It was trading at 25,454.77 at 1145 hours, showing a loss of 39.60 points, or 0.16 per cent, over its previous close. The NSE Nifty was also trading lower by 8.65 points, or 0.11 per cent, at 7,742.25.