Sensex trades in red; Nifty hovers near 8,900; broader markets down over 1%

The BSE Auto index was the best performing sector, with Tata Motors rising over 3%

Benchmark indices pared early morning gains on likely profit booking to trade in red after they reached their 2-year highs supported by global cues after the Dow Jones index closed above 21,000 mark for the first time ever as investors were encouraged post President Donald Trump's first speech to Congress.  Back home, the rally was led by auto, metals, banking & financials and oil stocks.
 
During the early morning trade, the S&P BSE Sensex rose as much as 0.5% or 148 points to 29133 points, a level last seen on March 13, 2015. The broader Nifty50 rallied 0.5% or