India, May 16 -- Benchmark equity indices Sensex and Nifty surrendered early gains to close lower on Friday due to selling in metal, oil & gas and PSU bank shares and caution among investors amid surging crude oil prices.

The 30-share BSE Sensex dropped 160.73 points, or 0.21 per cent, to settle at 75,237.99, after swinging between gains and losses during the session. The benchmark had rallied nearly 470 points in early trade before losing momentum.

The 50-share NSE Nifty settled lower by 46.10 points, or 0.19 per cent, at 23,643.50, snapping its two-day gaining streak. Tata Steel, State Bank of India, Eternal, Reliance Industries, UltraTech Cement, Mahindra & Mahindra, Bharat Electronics Ltd, Larsen & Toubro, Trent, Axis Bank and Asian...