Sensex gives up early gains on worries over delay in land, tax reforms

MUMBAI (Reuters) - The BSE Sensex gave up early gains of 1.6 percent on Wednesday on continued concerns over delay in key land acquisition reforms and about retrospective taxation of foreign investment.

HSBC downgraded Indian stocks to "underweight" from "overweight", citing slowing earnings growth, little room for rate cuts and potential negative impact from an unusual weather due to El Nino.

The Sensex was down 0.1 percent, while the broader Nifty was up 0.2 percent.

(Reporting by Abhishek Vishnoi; Editing by Subhranshu Sahu)