Markets erase gains, drop in red

Markets have erased all its gains and is at the day's low now.

The Sensex is now down 46 points at 20,799. Earlier in the day, the index had touched a high of 20,984 on cues from Asian markets.

The Nifty is down 19 points at 6,253.

The Bankex is down 0.5% at 14,819. SBI is the major dragger and is down 3.5% at Rs 3,302 following a drop in profit.

HDFC and ACC are also in red. Market heavyweight, Reliance has also contributed heavily in the market's sudden fall. The stock is now down 4% at Rs 1,101.

However, TCS and Infosys among IT stocks have managed to hold on to gains and are now up 1% each.

Tata Motors has added 0.6% at Rs 1,276. Tata Steel, HDFC Bank and Hindustan Unilever are also in green.