Equity benchmark Sensex dropped over 200 points in early trade on Friday tracking losses in index  (stock market futures) majors Infosys, HDFC Bank and TCS amid weak cues from global markets.

The 30-share BSE index was trading 246.16 points or 0.50 percent lower at 49,338.

Similarly, the broader NSE Nifty fell 67.65 points or 0.46 percent to 14,527.95 in (stock market futures) opening deals.

Profit-booking at higher levels is keeping benchmark indices (stock market futures) volatile, traders said.


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UltraTech Cement was the top loser in the Sensex pack, shedding around 2 per cent, followed by Tech (stock market futures) Mahindra, Infosys, Asian Paints, IndusInd Bank, Dr Reddy's, HCL Tech and TCS.

On the other hand, Bharti Airtel, NTPC, Titan, Nestle India and ONGC (stock market futures)  were among the gainers.

In the previous session, Sensex ended at its new lifetime high of 49,584.16, up 91.84 points or 0.19 (stock market futures) percent, and Nifty rose 30.75 points or 0.21 percent to finish at a record 14,595.60.

Foreign portfolio investors (FPIs) were net buyers in the capital market as they purchased shares worth Rs 1,076.62 crore on Thursday, as per exchange data.

According to Binod Modi Head-Strategy at Reliance Securities, domestic equities do not look to be encouraging at the moment.

While the underlying strength of the market remains intact, it appears to be a bit tiring from the last couple of days and may see some amount of pullback in the coming days.

"However, the announcement of higher fiscal stimulus in the US and soft stance of global central  (stock market futures) bankers about their monetary policies along with a weak dollar will continue to attract FPIs to Indian equities," he said.

US markets ended with modest correction in the final hour of trade ahead of the announcement of the (stock market futures) coronavirus relief plan by President-elect Joe Biden.

Elsewhere in Asia, bourses in Shanghai, Seoul and Tokyo were in the red, while Hong Kong was (stock market futures) trading in the positive zone.

Meanwhile, the global oil benchmark Brent crude was trading 0.32 per cent lower at USD 56.24 per (stock market futures) barrel.


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