Erasing early gains, the Bombay Stock Exchange benchmark Sensex fell by over 61 points in pre- closing trade on Tuesday, on emergence of selling in oil and gas stocks.

The 30-share Sensex, which rose to 17,589.59 during the day, fell by 61.01 points to 17,425.05 at 1445 hours with the index-linked Oil and Natural Gas Corp’s shares declining on concerns that its profitability may be hurt after the government asked it to give subsidies to refiners.

Similarly, the wide-based National Stock Exchange index Nifty fell by 24.25 points to 5,201.40 at the same time.

It had touched a high of 5,256.70 in early trade.

The heavyweight Reliance Industries fell by 0.31 per cent to Rs. 1,081.85 and ONGC, the biggest energy explorer, by 2.55 per cent to Rs. 1,167.50.

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