Benchmark stock indices Sensex declined 505 points at close, while the Nifty settled lower at the 19330 level due to profit-taking in financial, IT and oil shares, after a record-breaking run, and weak global trends.

The 30-share BSE Sensex fell sharply by 505.19 points or 0.77 per cent to close at 65280.45 points as 25 of its constituents ended in red and five in green.

The barometer moved between 65175.74 and 65898.98 during the day.

Ending its eight-day winning streak, the broader Nifty of the National Stock Exchange declined 165.50 points or 0.85 per cent to settle at 19331.80.

As many as 44 Nifty shares declined while six gained.

Among the major Sensex shares, PowerGrid fell the most by 2.76 per cent. IndusInd Bank dropped 2.34 per cent, HUL by 2.23 per cent and NTPC by 2.04 per cent.

ICICI Bank, HDFC Bank, HDFC, ITC, Infosys, L&T, Bajaj Finance, Kotak Bank, HCL Tech and Tech Mahindra were among the losers.

On the other hand, Tata Motors rose the most by 2.94 per cent, followed by Titan which gained 1.26 per cent. Mahindra & Mahindra, SBI and TCS were also among the gainers.

“The domestic market succumbed to profit-booking as heat waves from weak global markets hit the shore. Global equities declined due to a spike in US bond yields, fuelled by expectations of a prolonged high-interest rate environment following a sharp increase in US private payroll data,” Vinod Nair, head of research at Geojit Financial Services, said.

In the broader market, the BSE Midcap declined 0.76 per cent to 28999.02 while BSE SmallCap dropped 0.28 per cent to 33129.41.

All the BSE sectoral indices except for auto and consumer durables ended in the red with losses of up to 1.63 per cent. S&P BSE Utilities dropped 1.63 per cent, BSE Power by 1.61 per cent, BSE Realty by 1.16 per cent, FMCG by 1.45 per cent, Commodities 1.11 per cent, Financial Services by 0.85 per cent, and Industrials and IT by 0.82 per cent each.

Bucking the trend, BSE Auto rose by 0.29 per cent and consumer durables by 0.22 per cent.

“Markets witnessed profit taking and shed nearly a per cent, tracking feeble global cues. The decline has engulfed Thursday’s bullish move and indicates the possibility of consolidation in Nifty ahead,” Ajit Mishra, SVP - technical research, Religare Broking Ltd, said.