I think what you have there is M62 (Overhead Fire Mission) tracer:
Cartridge, 7.62mm, Tracer, M62 (OVERHEAD FIRE MISSION)
Use:
M60. 240 and M219 Machine Guns
Rifle, 7.62mm, M14
The cartridge is intended to permit visible observation of the bullet's in-flight path or trajectory to the point of impact. The cartridge is used for firing over the heads of troops being trained in field exercises. Stringent production control and screening of ammunition lots ensure the safety of personnel operating immediately below the trajectory of the fired bullets.
Description:
TRACER. The cartridge is identified by a red bullet tip.
Weight - 387 grains
Length - 2.8 in.
Primer - Percussion (Crimped into case)
Propellant - WC 846
Charge - 46 grains
Projectile - 146 grain flat based bullet w/ cannelure and tracer compound in rear of base.
Chamber Pressure - 50,000 psi
Velocity - 2750 fps, 78 feet from muzzle