BSE Sensex retreats after hitting life-time high, down 145 points

The BSE Sensex recorded the first drop in nine sessions, shedding 145 points, as selling pressure emerged in bluechips as investors judged recent gains as excessive.

The 30-share index of the Bombay Stock Exchange, which had gained 1,265 points in eight days - in which it hit record highs in two straight days - climbed to hit yet another life-time high of 26,300.17 in early trade.

However, the gains proved to be short-lived as FIIs and domestic funds took some profit off the table in recent out-performers.

The Sensex closed at 26,126.75, down 145.10 points, or 0.55 per cent. The benchmark had ended at its all-time closing high of 26,271.85 on Thursday and had also hit intra-day high of 26,292.66.

Traders said the market was in an over-bought position and adopted a cautious approach and preferred to lighten some positions.  

Meanwhile, the 50-scrip National Stock Exchange after hitting an intra-day record high of 7,840.95 in the opening trade, slipped below the 7,800-mark as selling pressure was witnessed.

It finally ended the session 40.15 points, or 0.51 per cent lower at 7,790.45. The gauge had on Thursday concluded at record 7,830.60.

The Nifty had gained 376.45 points, or 5.05 per cent, in previous eight sessions.

Selling was more pronounced in realty, metal, power, PSU, auto and oil and gas sector stocks, which pulled down the Sensex and Nifty from record highs.

Wipro's scrip tumbled about 4.5 per cent as earnings announced on Thursday failed to beat expectations. Infosys shed 0.89 per cent.

Tata Motors and BHEL were among the biggest Sensex losers. Heavyweights like ICICI Bank and RIL also slipped.

Bucking the trend, stocks of healthcare and FMCG sectors continued their upward journey on sustained buying activity.