Sensex, Nifty shed some gains; European mkts turn flat

The BSE Sensex and NSE Nifty erased some gains as European markets shed all initial gains. Index heavyweight Reliance Industries turned negative, falling 0.2% while the buying in banks and metals stocks continued to support.

The BSE benchmark rose 42.42 points to 16,258.26 and the NSE benchmark went up 12.35 points to 4,920.15.
 
Shares of country's largest telecom operator Bharti Airtel fell as much as 5% to touch an intraday low of Rs 291.90 on Tuesday after CNBC-TV18 reported quoting PTI that Enforcement Directorate is probing money laundering cases against the company, says Minister of State for Finance SS Palanimanickam while informing to the Rajya Sabha. The stock was down 2%.

Larsen & Toubro stayed 4.5% higher as well as maintained top position among most active stocks since morning trade as the company said it would see 15-20% growth in topline and order inflow in financial year 2012-13.

Country's largest private sector lender ICICI Bank extended gains, rising 2% while its rival State Bank of India rose 0.5%.

Among metals stocks, Tata Steel, Jindal Steel, Hindalco Industries and Sterlite Industries surged 1-2%. Realty major DLF jumped 2%.

Infosys, India's No. 2 software services exporter was up 2%. Top two-wheeler makers Hero Motocorp and Bajaj Auto were up 3% and 1%, respectively.

Index heavyweight Reliance Industries turned negative, falling 0.2%. Top car maker Maruti Suzuki and country's largest power producer NTPC tanked 3-3.5%.

Cigarette major ITC and state-owned ONGC were down nearly 1.5%.