The benchmark equity indices gave up early gains and were trading in negative territory post noon on Thursday amid profit booking and weak global cues.
The Sensex rose 303.09 points or 0.36 percent to hit an intraday high of 82,579.16 in early trade. The broader Nifty climbed 90.45 points or 0.35 percent to 25,572.95. Initial gains were led by IT stocks following robust earnings from Nvidia.
However, the indices pared gains subsequently. At around 12:20 pm, the Sensex was trading 204.65 points or 0.25 percent lower at 82,071.42, while the Nifty was down 47.70 points or 0.19 percent at 25,434.80.
Bank Nifty declined nearly 400 points and was trading in negative territory at 60,861.90 level.
Key reasons behind market paring gains
1) Rise in crude prices: Oil prices hovered near seven-month highs amid uncertainty over US-Iran nuclear talks and concerns over potential supply disruptions. Higher crude prices are negative for India, which imports a majority of its oil requirements, as they can widen the trade deficit and stoke inflationary pressures.