Indian benchmark indices closed in the red on Friday, reversing early gains as concerns over a potential slowdown in corporate earnings overshadowed optimism about lower U.S. interest rates and declining oil prices.

Indian stock market witnessed huge buying sentiment on Friday, taking Sensex higher by 466 points to even near 77,000 mark. Its counterpart Nifty 50 also jumped by nearly 142 points to near 23,350 levels.

The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 23,405 level, a premium of nearly 140 points from the Nifty futures’ previous close.

Indian equity benchmarks, BSE Sensex and Nifty50, started Friday on a positive note but erased the gains later. At 10 am, the Sensex dropped by 180.68 points, or 0.24 per cent, to 76,339.70, while the Nifty fell by 69.

The stock market opened in the green as trading began on Friday, January 24, with oil and gas, metal, mid and small cap financial services stocks falling the most. At 9:20am, the benchmark BSE Sensex was up by 220.

The BSE Sensex rose 115.39 points, or 0.15%, to close at 76,520.38. Likewise, Nifty 50 gained 50 points, or 0.22% to end at 23,205.35.