Mumbai/IBNS, Jan. 29 -- Indian equity benchmarks traded sharply lower on Thursday, with the BSE Sensex plunging over 500 points and the NSE Nifty 50 slipping below the 25,200 mark amid heavy selling pressure, media reports said.

TCS, Titan, Trent and BEL were among the top laggards on the Nifty in the early hours.

The market correction comes a day after benchmarks closed higher, extending gains for the second consecutive session following optimism around the historic India-UK trade deal.

However, investor sentiment turned cautious ahead of the Union Budget, which Finance Minister Nirmala Sitharaman is scheduled to present on February 1.

Singhvi added that Nifty Bank may see support at 59,200-59,400 levels, while the strong buy zone is...