Mumbai, Sep 13 (IANS): A benchmark index for the Indian equities markets Tuesday plummeted into the red in afternoon trade, wiping out intra-day gains amid high volatility and negative cues from European bourses.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,618.17 points, slipped to 16,415.54 points, down 86.2 points or 0.52 percent from its previous close at 16,501.74 points.

It had risen more than 265 points to touch a high of 16,766.19 points but later fell sharply.

The 50-scrip S&P CNX Nifty of the National Stock Exchange also fell 0.58 percent to the day's low of 4,917.65 points.

Broader markets too saw their initial gains being eroded. The BSE 100 was down 0.44 percent.

The market breadth too changed with the number of declining stocks on the rise. Around 1,394 stocks were seen advancing, compared to 1,260 on the decline and 124 remaining unchanged.

Asian markets were a mixed bag with Japan's Nikkei closing 0.95 percent up at 8,616.55 points, while the Chinese Shanghai composite index ended 1.06 percent lower.

Markets in Hong Kong were closed on account of a holiday.

European bourses opened in the negative. Britain's FTSE was down 0.43 percent, the German DAX was trading 0.61 percent lower, while the French CAC 40 shed 1.39 percent down.