BSE Sensex turns positive, led by Reliance, ONGC

MUMBAI (Reuters) – The BSE Sensex erased losses of as much as 2.2 percent and briefly turned positive on Tuesday afternoon, led by energy giant Reliance Industries and explorer Oil and Natural Gas Corp.

At 2:39 p.m. (0909 GMT), the 30-share BSE index was down 0.2 percent at 14,301.93 points, with 17 stocks declining, after rising to as much as 14,338.76.

Reliance, which has the most weight in the benchmark index, rose 3.2 percent to 2,014 rupees after falling 17.2 percent since last Monday when it received an unfavourable court ruling on gas supplies.

Oil and Natural Gas Corp gained 2.1 percent to 1,014.55 rupees after the Economic Times said the state-run explorer struck oil and gas in three new blocks.

The 50-share NSE index was up 0.2 percent at 4,244.85. link...