Mumbai, Jan 13 (IANS): The BSE Sensex on Wednesday afternoon shed all the gains made during the initial trade to trade over 250 points down.

Decline in the heavyweights HDFC and Reliance Industries (RIL) weighed on the index.

Both the Sensex and the Nifty50 on the National Stock Exchange (NSE) touched all-time high levels of 49,795.19 and 14,653.35 points.

Sensex has glided over 570 points from the day's highs.

Around 1.54 p.m., Sensex was trading 49,261.35, lower 255.76 points or 0.52 per cent from the previous close of 49,517.11.

Nifty50 on the NSE was trading at 14,509.75, lower by 53.70 points or 0.37 per cent from its previous close.

Jay Purohit, Technical & Derivatives Analyst, MOFSL said: "Nifty opened gap up and moved above 14,650 in the initial tick but could not sustain at higher zones and slipped by more than 120 points thereafter."

"The advance decline ratio favours the bulls and even Bank Nifty is moving in line with the broader market currently moving around 32,500 levels," he said.

He noted that Nifty is largely moving in a strong uptrend and small declines are getting bought into quickly. The relentless rally is backed by a good amount of long build-up in Nifty and strong buying by foreign institutional investors, Purohit added.