Sensex erases morning gains

The markets began the day on a robust start on the back of the good advance tax numbers by corporate India. The Sensex touched a high of 17,200 in the early trades, but has now pared most of its gains. The index is now up 28 points at 17,126.

The NSE Nifty is up four points at 5,109.

Mahindra & Mahindra has rallied over 2% to Rs 1,059. Tata Steel and Hindalco have added 1.5% each to Rs 553 and Rs 142, respectively.

ITC, Sun Pharma and Sterlite are the other notable gainers.

Reliance Communications has slipped 2% to Rs 178. SBI and Bharti Airtel have declined 1.5% each to Rs 2,214 and Rs 315, respectively.

ACC, BHEL and HDFC are the other prominent losers.

The market breadth is marginally positive - out of 2,474 stocks traded so far, 1,263 have advanced and 1,130 have declined.