Sensex erases gains, up 16pts

The Sensex has erased almost all its gains and is now up 16 points at 20,829.

SBI has soared 3% to Rs 2,475. HDFC Bank has surged 2.3% to Rs 1,694.

Bharti Airtel and Reliance Communications have rallied over 2% each to Rs 956 and Rs 806, respectively.

ONGC has gained 1.8% at Rs 1,323. Hindustan Unilever and Satyam have advanced over 1% each to Rs 240 and Rs 418, respectively.

NTPC has plunged 2% to Rs 263. ACC and Hindalco have slipped 1.3% each to Rs 989 and Rs 215, respectively.

Reliance Energy and ICICI Bank are down 1% each at Rs 2,557 and Rs 1,350, respectively.