Mumbai/IBNS, April 16 -- The Indian stock market relinquished its early gains and turned sharply lower in afternoon trade on Thursday, according to media reports.

Selling pressure was seen across sectors, with banking, financials, realty and midcap stocks witnessing notable declines.

IT and metal stocks provided some support, though gains remained limited amid the broader market weakness.

The BSE Sensex surged over 500 points, while the NSE Nifty 50 opened near the 24,390 mark, reflecting strong investor sentiment in early trade amid oil price dip and hope for the US-Iran ceasefire.

Sectorally, metals, financial services and IT stocks led the gains, with most indices trading in the green.

However, FMCG, realty and midcap-heavy segmen...