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Sensex erases gains, Nifty breaks 9300; banks, Reliance drag

Equity benchmarks erased all early gains, with the Sensex falling below psychological 30,000-mark, weighed by banks and Reliance Industries.

The 30-share BSE Sensex was down 30.57 points at 29,887.83 and the 50-share NSE Nifty fell 5.40 points to 9,298.65.

Reliance Industries, HDFC Bank, Tata Motors, ICICI Bank and Axis Bank were down 0.5-1.5 percent while HDFC, ONGC, Maruti Suzuki and Hero Motocorp gained 1-2.5 percent.

Buzzing stock: Maruti Suzuki's share price hit fresh record high of Rs 6,700, up 2.7 percent intraday Tuesday following stellar auto sales data in April.

The country's largest car maker sold 1.51 lakh units in month gone by, a growth of 19.5 percent over 1.26 lakh units sold in corresponding month of last year.

The growth was entirely driven by domestic sales that grew by 23.4 percent to 1.44 lakh units on year-on-year basis.

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