Markets in red: Sensex falls 400 pts from day's high, Nifty near 24,050; key reasons behind sharp reversal

Benchmarks Sensex and Nifty pared gains on July 16 to trade in mild red. At 1:41 pm, the Sensex fell to 77,173.03 and Nifty reached 24,057.45. Markets saw profit booking at higher levels and weak global cues. Analysts said, "A decisive move above 24,200 could trigger fresh momentum towards 24,300–24,400."