Mumbai/IBNS, May 29 -- The Indian stock market opened higher on Friday before witnessing a sharp correction during afternoon trade, media reports said.

Sensex Gives Up Early Gains

The BSE Sensex had climbed nearly 200 points during the first hour of trading but later erased all gains to tumble around 700 points in the subsequent session.

However, the benchmark index recovered partially and trimmed losses to nearly 300 points as trading moved towards the closing hour.

Nifty Slips Below 23,800

Oil Prices Ease Amid Ceasefire Reports

Meanwhile, crude oil prices softened after reports suggested a possible ceasefire agreement between the United States and Iran.

The development had briefly boosted global investor sentiment earlier in the ...