Sensex, Nifty erase gains to trade flat

Indian Stock Markets on Monday erased early gains to trade marginally higher in the first hour of trade.

At 12 afternoon Sensex was trading 15.70 points higher at 41,025.41 and Nifty traded 4.15 points lower at 12,082.55. 

Earlier in the day, Sensex hit a new record high of 41,185.03 points. 

At 9:17 am, the Sensex was up 117.03 points, or 0.29%, at 41,126.74. Nifty too was trading higher by 35.80 points to 12,122.50.

The Competition Commission of India on Friday approved the acquisition of a stake in SBI General Insurance Company by Napean Opportunities LLP and Honey Wheat Investment Ltd. State Bank of India will continue to hold a majority stake in its insurance arm.

Shares of private sector lender Yes Bank Ltd were the top gainer on the NSE index in early trade, rising nearly 3%.

However, strength in oil prices, which were at three-month highs, sent shares of state-run oil marketing companies lower. Hindustan Petroleum Corp and Bharat Petroleum Corp inched 0.6% and 0.27% lower, respectively.

(With inputs from agencies)