Markets erased early gains, ending in the red today as HDFC [ Get Quote ] announced its quarterly results.

Sensex touched a high of 18,167 on opening as investors bought and banking stocks. However, the index started slipping as market heavyweight, Reliance [ Get Quote ], pared gains. Markets remained lacklustre through the day.

The index slumped sharply in the last few mintures of trade as HDFC declared its quarterly numbers. The Sensex touched an intra-day low of 17,897 -- down 270 points from the day's high.

The index finally ended below the 18K mark at 17,938 - down 48 points.

The Nifty ended at 5,386 - down 15 points.

BSE capital goods index jumped 1% to 15,075. However, most other indices dropped in the red, led by IT stocks. IT index slipped 1.3% to 5,325. Metal, oil and healthcare indices also ended in red.

Markets in Asia had a good day. The Nikkei surged 2.7% to 9,795. Seoul Composite and the Taiwan Weighted added 1.5% each.

HDFC announced its numbers for quarter ended June 30, 2010. The net profit increased 23% at Rs 694 crore as against Rs 565 crore in the year-ago quarter (standalone basis).

However, there was a 25 per cent dip q-o-q.

The stock ended flat at Rs 3,078. Earlier in the day, the stock had touched its highest in 52-weeks at Rs 3,319.