Nifty erases gains after crossing 9,700; IT stocks buck trend

Gains were, however, capped by a negative trend in global markets

The benchmark Nifty erased entire morning gains to slip in red after hitting record high, crossing its crucial 9,700-mark for the first time ever. The S&P BSE Sensex also hit its all-time high of 31,355.  

The market pared gains tracking negative trend seen in global markets as investors digested the impact of six Arab countries including Saudi Arabia having cut diplomatic ties with Qatar.

Back home, investors turned cautious as the Reserve Bank of India (RBI)'s monetary policy committee (MPC) kicked off its two-day policy review meeting, which concludes tomorrow. 
 

At 11:08 am, the S&P BSE Sensex was