Equity benchmark indices erased all morning gains and cracked by over 2 per cent on geopolitical concerns and ahead of the GDP first-quarter data. At the closing bell, the BSE SandP Sensex was down by 839 points or 2.13 per cent at 38,628 while the Nifty 50 lost by 305 points or 2.62 per cent at 11,342. All sectoral indices at the National Stock Exchange were in the red with Nifty pharma losing by 5.2 per cent, PSU bank by 5 per cent, private bank by 3.6 per cent metal by 4.2 per cent and realty by 4.8 per cent. Government-owned State Bank of India lost by 5.9 per cent to Rs 211.45 per share as private lender IndusInd Bank lost by 5.1 per cent to Rs 631.25. The other prominent losers were Bajaj Finserv, Bajaj Finance, Zee Entertainment and NTPC. However, Future Retail was up by 20 per cent to Rs 162.30 per share after Mukesh Ambani-led Reliance Industries said it will acquire the company's retail, wholesale, logistics and warehousing business for Rs 24,713 crore.