After opening at record highs on Tuesday, the Indian market erased some gains as the day progressed as the media and telecom stocks fell.

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At 12:22 pm, the 30-share BSE index was trading 72.68 points or 0.18 percent higher at 40,961.94 while the 50-share NSE index was trading 12.60 points or 0.10 percent higher at 12,088.55.

During the day, the Sensex hit its day's high at 41,120.28 while the Nifty50 touched 12,132.45-mark.

Nifty Media remained the worst performing index of the day, falling nearly 3 percent led by the losses in Zee Entertainment.

YES Bank, GAIL, ICICI Bank, ONGC and Dr Reddy's Laboratories were the top gainers of the day while Bharti Infratel, Zee Entertainment, Bharti Airtel, Grasim, and JSW Steel remained the top losers on the Nifty50 index.

The shares of Zee Entertainment plunged 9 percent intraday after Subhash Chandra resigned as board chairman of the company with immediate effect.

Reliance Communications jumped more than 6 percent intraday after Bharti Airtel, Reliance Jio and two others submitted their bids for assets of the bankrupt company.

Meanwhile, Asian stocks rose on Tuesday, bolstered by a new momentum in Sino-US efforts to end their acrimonious trade dispute and as Chinese e-commerce giant Alibaba made a strong Hong Kong debut in the world's largest share sale this year.

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