The Indian equity benchmarks gave up early gains on Friday as gains in index heavyweights like ICICI Bank, Reliance Industries, Kotak Mahindra Bank, Sun Pharma and HDFC twins were offset with losses in Axis Bank, Infosys, ITC, Maruti Suzuki and Wipro. The Sensex rose as much as 382 points and Nifty 50 index touched an intraday high of 17,349. Traders were cautious on the first day of May futures and option series as they keep a watch on forthcoming earnings, analysts said.