Mumbai, Jul 4 (IANS): A benchmark index of Indian equities markets Wednesday pared early gains and was trading 16 points lower in afternoon trade on concerns over a weak monsoon, rising crude prices and poor opening in European bourses.

The Sensex had gained over 92 points in early trade.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,473.26 points, was trading at 17,409.11 points, down 0.10 percent or 16.60 points from its previous close at 17,425.71 points.

The wider 50-scrip S&P CNX Nifty of the National Stock Exchange was also trading 0.20 percent lower at 5,277.50 points.

The BSE IT index was down 50.67 points, while oil and gas index was down 66.81 points and FMCG index was down 29.13 points.

The main losers were ONGC, down 2.25 percent at Rs.283; Dr Reddy's Lab, down 1.98 percent at Rs.1,635.05; Wipro, down 1.91 percent at Rs.393; Hindustan Unilever, down 1.07 percent at Rs.437.65; NTPC, down 1.02 percent at Rs.159.40.

Major Sensex gainers were Jindal Steel, up 3.79 percent at Rs.468.20; Sterlite Inds, up 3.04 percent at Rs.108.55; Maruti Suzuki, up 2.17 percent at Rs.1,217.10; Tata Steel, up 1.50 at Rs.452.35; and SBI, up 1.41 percent at Rs.2,214.65.

In the Asian region, the Japan's Nikkei was up 0.41 percent, while Hong Kong's Hang Seng was down 0.19 percent. China's Shanghai Composite Index too was down 0.08 percent.

European markets were trading in the red. France's CAC was down 0.47 percent, while Germany's DAX and Britain's FTSE 100 were trading 0.21 percent and 0.20 percent down respectively.