Equity benchmarks lost early gains to trade in negative territory on Friday afternoon, as investors were cautious ahead of the presentation of the Economic Survey for FY21 in the parliament, later in the day.

After opening at 47,423.47 levels, the S&P BSE Sensex was trading 107.79 points or 0.23 per cent down at 46,766.57. Earlier in the day, it had surged over 500 points to touch an intra-day high of 47,423.66.

Similarly, the Nifty50 was trading lower by 26.25 points or 0.19 per cent at 13,791.30 from its previous close.

Gainers on the Sensex pack include IndusInd Bank, up by 5.74 per cent, followed by M&M, Bajaj Finance, ICICI Bank, HDFC Bank and Reliance trading between 1.82 per cent-1.03 per cent higher.

On the other hand, the losers were led by Dr Reddys Labs, Maruti Suzuki, Axis Bank, TCS, NTPC and Infosys.

In the past few days, bears have weighed on the sentiments in the market tracking global cues along with heavy outflow of foreign institutional investments.

FIIs have sold scrip with net worth of around Rs 6,800 crore from the equity markets in the last four sessions, the longest exit spree since September.