New Delhi, Aug 18 (IANS): Global cues along with profit booking subdued India's key equity market indices during the mid-afternoon trade session on Wednesday.

Accordingly, market breadth turned weak after a healthy buying spree due to profit booking.

Initially, the key indices had a gap-up opening.

The two key domestic indices gradually rose to touch record high levels.

Consequently, the NSE Nifty50 touched a record high of 16,701.8 points, while S&P BSE Sensex reached 56,118.57 points during the session.

Nevertheless, profit booking and negative European cues dented sentiments.

At around 1.50 p.m., the S&P BSE Sensex trade at 55,647.96, down by 144.31 points or 0.26 per cent from its previous close.

Similarly, the NSE Nifty50 trade lower. It was down 38.40 points or 0.23 per cent to 16,576.20 from its previous close.

"After making an intraday high at 1015 Hrs, Nifty weakened and sold off minorly even as the European markets opened marginally weak," said Deepak Jasani, Head of Retail Research, HDFC Securities.

"The advance-decline ratio has again fallen to the previous day's levels after showing some promise in the morning."

According to Likhita Chepa, Senior Research Analyst at CapitalVia Global Research: "Indian benchmarks had a positive start but with the resistance of 16700 markets reversed and trimmed all its gains and is now trading in losses. Markets have shown early signs of reversal as we have witnessed divergence among the Nifty 50, Mid cap and Small Cap."

"16500 will be an important support level, if the market is unable to sustain these levels, we can expect a correction in the market till the level of 16350 in the short term."