Sensex sinks 250 pts; profit booking drags Brent below $50/bbl

The sell-off continued in noon trade as weak global cues and profit booking after sharp rally from last week weighed. Banking & financials, auto, FMCG, auto and infra stocks remained under pressure.

The Sensex fell 246.39 points or 0.85 percent to 28798.89 and the Nifty slipped 79.50 points or 0.89 percent to 8873 while the broader markets recovered a bit from day's low, falling 0.4-0.6 percent.

The market breadth remained weak as about 1485 shares declined against 915 advancing shares on the Bombay Stock Exchange.

Oil prices pulled back on profit-taking after settling more than 4 percent higher a day earlier, following a surprisingly huge drawdown in US crude stocks as Gulf Coast imports slumped to a record low.

Brent and West Texas Intermediate crude futures have gained about 6 percent this week and are on course for their biggest weekly gain in three weeks, after major producers Saudi Arabia and Russia agreed on Monday to cooperate on stabilizing the oil market.

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