Markets fall in early trade after 5 days of sharp rally

New Delhi: Equity benchmark indices declined in early trade on Friday after five days of sharp rally as investors preferred profit-taking after the recent record-breaking run.

The 30-share BSE Sensex fell 236.56 points to 72,173.82 after a weak beginning to the trade. The Nifty declined 74.8 points to 21,703.90.

Among the Sensex firms, Kotak Mahindra Bank, Titan, State Bank of India, Power Grid, Reliance Industries, Infosys, and NTPC were the major laggards.

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Tata Motors, Maruti, Sun Pharma, Bajaj Finserv, and ITC were among the gainers.

In Asian markets, Tokyo and Hong Kong traded lower while Shanghai quoted with gains.

The US markets ended on a mixed note on Thursday.

Rising for the fifth consecutive day, the BSE benchmark jumped 371.95 points, or 0.52 percent, to settle at an all-time closing high of 72,410.38 on Thursday. During the day, it rallied 445.91 points or 0.61 percent to reach its lifetime peak of 72,484.34.

The Nifty climbed 123.95 points, or 0.57 percent, to settle at a fresh record of 21,778.70. During the day, it zoomed 146.7 points, or 0.67 percent, to hit its lifetime high of 21,801.45.

In the last five trading sessions, the BSE benchmark rallied 1,904.07 points, or 2.70 percent, and the Nifty climbed 628.55 points, or 2.97 percent.

Global oil benchmark Brent crude declined 1.58 percent to USD 78.39 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth Rs 4,358.99 crore on Thursday, according to exchange data.

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