Erasing all its early gains, the Sensex at the Bombay Stock Exchange closed with a loss of 244 points, or 1.4 percent, at 16,706, after the Reserve Bank left the repo rate and the Cash Reserve Ratio unchanged, today. Earlier in the morning, however, the Sensex had breached the 17,000-level. The Nifty at the National Stock Exchange lost 75 points, or 1.5 percent, to 5,064. But stock markets in Japan, China, Hong Kong, South Korea and Singapore rose between 0.5 percent and 1.8 percent.