Sensex, Nifty lower; blue-chip stocks fall

BSE Sensex is down 0.65% and NSE Nifty down 0.58% on profit-taking after hitting a record high on Thursday

BSE Sensex is down 0.65% while the broader NSE Nifty was down 0.58% on profit-taking after hitting a record high on Thursday.

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Shares are being dragged down by a slide in the region as steep falls in US technology and biotechnology stocks are spreading to other sectors and regions.

Reliance Industries was down 1.2%, State Bank of India was down 1.02% and Mahindra & Mahindra was down 1.6%.

Bank shares fall 0.8% after a Reserve Bank of India (RBI) panel recommended a slew of measures, including potentially changing how lending rates are set for the sector, raising worries about overall profitability.