New Delhi, Jan. 22 -- Indian shares were lower today, tracking weak Asian markets after major indexes hit record highs in the previous session. The blue-chip NSE Nifty 50 index fell 0.7% to 14,491 while Senex was down about 350 points at 49,278 levels.

"The market is likely to move into a consolidation phase for the short-term since the big news regarding the US presidency is behind us and the milestone of 50000 Sensex was reached, says VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Reliance Industries was down 1.4% ahead of its December quarter earnings. The stock had gained more than 8% this week as of Thursday.

"The Nifty has become slightly nervous after facing resistance at 14750. While the trend still r...