Market erases all gains, Nifty falls below 23,300
At close, the Sensex was down 422.59 points or 0.54% at 77,155.79, while the Nifty fell 168.60 points or 0.72% at 23,349.90.
The key Indian equity indices gave up gains on Thursday after touching record highs during the initial trade.
The BSE Sensex touched a new high of 54,576.64, and the Nifty50 on the National Stock Exchange hit a record 16,294.65 points.
Around 10.25 a.m, Sensex was trading at 54,284.73, lower by 85.04, or 0.16 per cent from its previous close of 54,369.77.
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It opened at 54,576.64 and has so far touched an intra-day low of 54,243.97 points.
The Nifty50 on the National Stock Exchange was trading at 16,231.20, lower by 27.60 points or 0.17 per cent from its previous close.
Analysts said that investors took to profit booking post the surge to record levels in the past three sessions.
Manish Hathiramani, technical analyst with Deen Dayal Investments said: “The markets got off to a flying start but decided to take a breather closer to the 16,300 level. If we can get past 16,300, the next target for the Nifty should be 16,600. The new support for the market is at 15,700 and hence any dip or intra-day correction can be used to accumulate long positions for higher targets.”
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