The S-P BSE Sensex and NSE Nifty 50 indexes came off intraday low levels in noon deals on the back of gains in information technology heavyweights like Infosys, Tata Consultancy Services and HCL Technologies.

However, weakness in banking and financial services shares was weighing on the benchmarks.

Earlier in the day, Sensex fell as much as 260 points and Nifty dropped below its important psychological level of 13,700.As of 12:25 pm, the Sensex was down 137 points at 46,753 and Nifty was at 13,700 down 40 points.Investors resorted to profit booking on Friday after the benchmarks closed at record highs for four sessions in a row, analysts said.Eight of 11 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty PSU Bank index's 1.7 per cent decline.

Nifty Bank, IT, Private Bank and Realty indexes also fell over a per cent each.On the other hand, IT, media and pharma shares were witnessing buying interest.Mid- and small-cap shares were also witnessing selling pressure as Nifty Midcap 100 index fell 0.4 per cent and Nifty Smallcap 100 index declined 0.29 per cent.IndusInd Bank was top Nifty loser, the stock fell 3 per cent to Rs 907.

ONGC, HDFC Bank, HDFC, Indian Oil, Kotak Mahindra Bank, Coal India, Bajaj Finance, Maruti Suzuki and NTPC also fell between 1-2.6 per cent.The overall market breadth was negative as 1,763 shares were declining while 1,023 were advancing on the BSE.On the flipside, Infosys was top gainer in the Nifty 50 basket of shares, the stock rose nearly 3 per cent to hit record high of Rs 1,193 on the NSE.

HCL Technologies, Bajaj Auto, Wipro, Dr Reddy's Labs, Tata Consultancy Services, UPL, Hindalco, Titan, Larsen - Toubro and Nestle India also rose between 1-2.2 per cent.