Sensex falls on profit-taking, lower Asian stocks

Reuters Market Eye - The BSE Sensex is down 0.5 percent, while the Nifty is 0.4 percent lower. Blue-chips fall as profit-taking continues for a second day after indexes hit a record closing high on Tuesday.

Consolidation may continue until the government unveils its budget in early-to-mid July, according to analysts.

Oil and Natural Gas Corp falls 2 percent, while cigarette-maker ITC is down 1 percent.

Falls also track lower Asian stocks following a drop in HSBC/Markit's measure of the China service sector to 50.7 in May from April's 51.4.

(Reporting by Abhishek Vishnoi)