Mumbai, Nov 8 (IANS): A benchmark index for Indian equities markets Tuesday gave up its modest early gains and was ruling in the red in afternoon trade as uncertainty over the Euro zone debt crisis continued to weigh on investors.

The 30-scrip sensitive index (Sensex) of the BSE, which opened at 17,593.67 points, was within minutes trading at 17,491.41 points, down 71.2 points or 0.41 percent from its previous close at 17,562.61 points.

The 50-scrip S&P CNX Nifty of the National Stock Exchange also slipped into the red at 5,262.35 points, down 0.41 percent.

Broader markets were also ruling lower with the BSE 500 index down 0.39 percent. The BSE midcap index and smallcap indices also gave up their gains and were trading flat.

The market breadth at the BSE was negative with 1,232 stocks advancing and 1,429 scrips declining, while 101 remained unchanged.

Prominent Sensex gainers included TCS, ONGC, HeroMoto Corp and Coal India, while among losing scrips were DLF, Sun Pharma, ICICI Bank and Tata Motors.

Asian markets rose initially after news of Greece Prime Minister George Papandreou resigning and his replacement expected to get an approval for the European bailout package.

They, however, slipped later on as Italy's debt woes threw financial markets in the region into a tizzy.

Italian Prime Minister Silvio Berlusconi Tuesday will face a crucial parliamentary vote on public finances which could see his government tumbling if enough party rebels desert him.

In Asia, the Japanese Nikkei closed 1.27 percent to close at 8,655.51 points, while Hong Kong's Hang Seng ended 0.35 percent up at 19,746.81 points.

The Chinese Shanghai composite index also fell 0.24 percent and closed at 2,503.84 points.

European markets opened in the red. Britain's FTSE was down 0.3 percent, the German DAX was trading 0.63 percent lower.

The French CAC 40 was ruling 0.64 percent down.