Mumbai, April 8 (IANS) The Sensex reversed early gains to fall over 340 points owing to sharp rise in crude oil prices. The rupee, in line with equities, weakened by over 50 paise against the dollar during the intra-day trade on Monday.

The benchmark crude oil, Brent crude futures surged above the $70 per barrel.

Market participants also said that markets slid in response to the Bharatiya Janata Party's manifesto. 

Several welfare schemes were announced, which would have a huge cost and impact the country's fiscal deficit, they said.

The Sensex fell over 340 points during the afternoon session. However, it recovered at 3.20 p.m. when the Sensex traded 148.39 points or 0.38 per cent lower at 38,713.84 while the Nifty was down 53.50 points or 0.46 per cent at 11,612.45.

Besides, analysts said that broadly negative Asian markets and profit booking also impacted investor sentiments.