Indian equities erased early gains to end flat amid profit taking in late trades even as gas distributors gained the most while consumer discretionary shares led by autos gained on hopes that the pay hike proposed in the seventh pay commission may boost demand
Gas stocks flared up on talk that that Ras Gas has agreed to modify long-term contract with Petronet LNG. GAIL (India) was the top performer in both the Sensex and Nifty rising 10% to end at Rs 350.
Among other gas distributors, Petronet LNG surged 6.8%, Gujarat Gas jumped 6% and Indraprastha Gas ended nearly 4% higher.
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