Mumbai: Profit booking along with broadly negative global cues subdued the Indian equity market during the early morning trade session on Friday.
According to market observers, heavy selling pressure was witnessed in banking, oil and gas and metal stocks.
The two key equity indices -- S&P BSE Sensex and NSE Nifty50 -- had opened in the green.
However, minutes into the day's trade, both the indices quoted in the red.
At 9.30 a.m.,the benchmark S&P BSE Sensex traded at 37,964.46 points, lower by 59.91 points or 0.16 per cent from its previous close.
The barometer index touched a high of 38,051.45 points and a low of 37,918.35 points during the intra-day trade.
Similarly, the wider NSE Nifty50 traded at 11,460.25 points, lower by 10.45 points or 0.09 per cent.
On Thursday -- the last trade session -- foreign fund inflows, along with domestic political developments, lifted the Indian equity indices to their new record intra-day and closing highs.
Consequently, the benchmark Sensex closed at a new record high of 38,024.37 points, higher by 136.81 points or 0.36 per cent. It touched a record intra-day high of 38,076.23 points.
The wider NSE Nifty50 made a new closing high of 11,470.70 points, higher by 20.70 points or 0.18 per cent. It had hit a fresh intra-day record high of 11,495.20 points.