The BSE Sensex lost its initial gains and is now trading at 121 points in negative zone to quote at 34,321. Earlier, it hit new life-time intra day high of 34,565 in opening session. Similarly, the 50-share NSE Nifty declined by 39.10 points to quote at 10,597.Meanwhile, the rupee recovered by 22 paise to 63.98 against the dollar today on mild selling of the US currency by exporters amid a higher opening in domestic equity markets.