S&P BSE Sensex and NSE Nifty 50 Indexes snapped their three-day record breaking spree led by losses in ICICI Bank, State Bank of India, Reliance Industries, Larsen & Toubro and Maruti Suzuki. Analysts said investors booked profits ahead of the expiry of derivative contracts for the month of May due tomorrow. The Sensex in today's session fell as much as 329 points and the NSE Nifty 50 Index dropped below 11,850. Banking, PSU Banking and Metal shares witnessed heightened selling pressure in today's session.

The Sensex fell 248 points or 0.62 per cent to end at 39,502 and the Nifty 50 Index dropped 67 points or 0.56 per cent to settle at 11,861.

Sixteen of 19 sector gauges compiled by BSE ended lower led by the S&P BSE Metal Index's 2 per cent decline.

Power, Capital Goods, Bankex, Auto, Industrials and Basic Materials sector gauges also fell between 1 and 1.5 per cent each.

On the flipside, S&P BSE Information Technology Index was top gainer, up 0.6 per cent.

Selling pressure was broad-based as the mid- and small-cap shares also witnessed losses as the S&P BSE MidCap Index declined 0.8 per cent and the S&P BSE SmallCap Index fell 0.6 per cent.

JSW Steel was top loser in the Nifty 50 basket of shares, the stock fell 4.44 per cent to close at Rs 180. State Bank of India, Tata Steel, Cipla, Zee Entertainment, ICICI Bank, Maruti Suzuki, Vedanta and ONGC were also among the losers.

On the other hand, Bharti Infratel, Sun Pharma, GAIL India, TCS, HCL Tech and Wipro were among the gainers.