The Sensex and Nifty rolled over yesterday's gains to hit new lifetime highs within minutes of opening trade today.
While the Nifty rose to a fresh high of 11,110, Sensex too gained over 100 points to hit 36,268 mark, its highest ever.
Later, the benchmark indices lost ground and were trading flat with Nifty falling just 2 points to 11,081 level. The Sensex was up 5 points to 36,145 level.
The Sensex has gained 38.32% since the beginning of this year. Nifty is up 39% during the same period.
The loss could have been severe if IT stocks would not have come to the rescue. The BSE Information Technology index was the sole big gainer among the 19 sectoral indexes rising 334 points to 12,974.
Other sectoral indexes saw profit booking with consumer durables index falling the most by 221 points to 23,455 level.
TCS (3.86%), Infosys (2.23%) and Wipro (1.82%) were the top gainers on Sensex.
Bharti Airtel was the top loser falling 4 percent to 471.25 level.
Market breadth was negative with 754 stocks rising compared with 1614 falling on BSE. 101 stocks were unchanged.
The Indiabulls Housing Finance stock hit a fresh 52-week high today after the company reported a 55.38 percent rise in consolidated net profit to Rs 1,167.73 crore for the third quarter ended December 31.
The company had reported net profit of Rs 751.49 crore in the corresponding quarter of the previous fiscal.
Asia Markets are trading mixed this morning with weakness seen in automakers, financials and manufacturing companies as concerns lingered on after President Trump approved tariffs on imported solar cells and washing machines early this week. BoJ kept rates unchanged.
In Europe, markets closed with minor gains after US Senators voted to move a bill to end the Govt shutdown and as Germany's consumer confidence improved to an eight month high.
US markets closed at record highs yesterday on the back of better earnings number especially from Netflix, Johnson&johnson, P&G and Travelers etc. US manufacturing PMI and Existing home sales data scheduled today.