Markets off record high — Sensex drops over 250 points, Nifty tests 13,450

Equity benchmark Sensex dropped over 250 points in early trade on Thursday tracking losses in index-heavyweight HDFC twins, Reliance Industries and Infosys amid weak trend in global markets. According to traders, profit-booking emerged at higher levels, dragging benchmark indices lower.

The 30-share BSE index was trading 254.72 points or 0.55 per cent lower at 45,848.78.

Similarly, the broader NSE Nifty fell 79.60 points or 0.59 per cent to 13,449.50.

UltraTech Cement was the top loser in the Sensex pack, shedding around 2 per cent, followed by Tata Steel, ONGC, IndusInd Bank, HDFC Bank, M&M, Infosys and Reliance Industries.

On the other hand, Maruti, Nestle India, Titan and PowerGrid were among the gainers.

In the previous session, Sensex ended 494.99 points or 1.09 per cent higher at its lifetime high of 46,103.50, while Nifty rallied 136.15 points or 1.02 per cent to its new record high of 13,529.10.

Foreign portfolio investors (FPIs) were net buyers in the capital market as they purchased shares worth Rs 3,564.23 crore on a net basis on Wednesday, according to provisional exchange data.

"Domestic markets do not appear inspiring at the moment as global markets are trading in red," said Binod Modi Head-Strategy at Reliance Securities.

US equities finished lower mainly led by selling pressure in technology stocks, he added.

Elsewhere in Asia, bourses in Hong Kong, Seoul and Tokyo were trading in the red in mid-session deals, while Shanghai was in the positive territory.

Meanwhile, the global oil benchmark Brent crude futures were trading 0.53 per cent higher at USD 49.12 per barrel.

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