Markets erase gains; L&T, Bajaj fall

Mumbai: Benchmark BSE stock index erased earlier gains to trade flat, lagging gains in Asian indexes, as worries about earnings hit blue chips such as Larsen & Toubro and Bajaj Auto.

The BSE index was last trading flat at 16,029.09 points, while the NSE’s 50-share index was also virtually unchanged at 4,857.00 points.

L&T shares dropped 3.5%. Nomura downgraded L&T to ‘reduce´ from ‘buy´ and nearly halved its target price to Rs 992 from Rs 1,691 citing concern about orderbooks.

Bajaj Auto shares fell 1.1% after its quarterly profit missed estimates.