Markets opened higher on Friday, but the rally soon fizzled out as the Sensex and the Nifty erased the early gains. The gains were seen in the wake of the reforms announced by the Union government by allowing FDI in the insurance and pension sectors.
HDFC was the top loser on the index which fell 3 percent after multiple block deals.
Following the news of FDI being allowed in the insurance & pensions, Reliance Capital and Max India were up 3-5 percent while Bajaj Finserv gained 0.7 percent. Aditya Birla Nuvo rose 2 percent and Aditya Birla Money was up 8 percent.