Sensex erases gains

Breadth remains firm; Oil & Gas stocks have slipped

The markets have pared gains and slipped back into the negative zone. Although in a narrow band, the markets have turned volatile in the last two hours. The Sensex touched a high of 17,506, but is now down 11 points at 17,450.

The BSE Oil & Gas index has dropped further into red and is now down 0.8% at 10,627. The Healthcare index stands firm at 5,743, up 0.6%.

Reliance Communications has shed 1.7% at Rs 188. BHEL and ONGC have slipped around 1.5% each to Rs 2,356 and Rs 1,287, respectively.

Hindalco, NTPC and Hindustan Unilever are down 1.3% each.

Mahindra & Mahindra has advanced 1.3% to Rs 610. SBI, Cipla and Tata Motors are the other notable gainers.

The market breadth is fairly positive - out of 2,864 stocks traded so far, 1,604 have advanced and 1,160 have declined on the BSE.