MARKET LIVE: Indices erase losses; RIL, L&T top gainers, aviation stks dip

LIVE market updates: The Indian benchmark indices erased their early losses and turned flat after falling nearly half a per cent in Monday's opening deals amid weak cues from their Asian peers.

The S&P BSE Sensex was trading 33 points up at 46,990 after hitting an intra-day low of 46,694. The broader Nifty50 index was also testing the 13,750-mark. ONGC, Axis Bank, ICICI Bank, and Mahindra & Mahindra (all down 2%) were the top Sensex laggards. On the other hand, Reliance Industries rose 1 per cent after the conglomerate and its partner BP announced the first gas from the R Cluster, ultra-deep-water gas field in block KG D6 off the east coast of India.

Meanwhile, aviation stocks were under pressure in intra-day deals over the UK border closure, with SpiceJet and InterGlobe Aviation falling 5 per cent and 3 per cent, respectively.

Majority of the Nifty sectoral indices were trading in the red, led by Nifty Bank index, down 0.8 per cent..