Benchmark indices snapped their seven-session gaining streak today as investors booked profits at record levels.
Sensex settled 49.54 points or 0.08 per cent lower at 61,716 and Nifty shed 58.30 points or 0.32 per cent to close at 18,418.75. Earlier, the 30-stock index crossed the 62K mark for the first time today and touched an all-time high of 62,245.43. Nifty too hit a record high of 18,604.45 in early trade.
ITC was the top Sensex loser, falling 6.23 per cent, followed by HUL, Titan, Tata Steel, UltraTech Cement and PowerGrid.
Tech Mahindra, L&T, Infosys, Bajaj Finserv, Kotak Bank and HDFC Bank were among the Sensex gainers, rising up to 4.12%. Of the 30 Sensex stocks, 16 closed lower.
The market capitalisation of BSE-listed firms fell to Rs 271.46 lakh crore against the market cap of Rs 274.69 lakh crore in the previous session. The market breadth was negative, with 979 shares ending higher against 2,382 shares closing in the red. 128 shares were unchanged.
The BSE mid cap and small cap indices fell 533 points and 538 points, respectively.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said, "The index has formed a lower top formation which also indicates intraday weakness. For day traders, 18,550-18,600 levels would be the immediate hurdle and below the same, the correction could continue up to 18,350-18,300. On the other hand, above 18,600, breakout continuation formation will continue up to 18,650-18,675 levels. Contra traders can take a long bet near the 18,300 support level with a strict stop loss at 18,250."
On the sectoral front, consumer durables, metal and auto shares led the losses on with the BSE consumer durables index crashing 1,331 points, metal index losing 530 points and the BSE consumer auto index falling 439 points.
IT shares managed to cap the losses with the BSE IT index ending 480 points higher at 36,218.
The domestic currency market was closed on account of Id-E-Milad' holiday.
Indices in Shanghai, Tokyo, Hong Kong and Sydney advanced.
Wall Street's benchmark S&P 500 index rose 0.3%, propelled by tech and consumer stocks. The Shanghai Composite Index rose 0.6% to 3,589.66 and the Nikkei 225 in Tokyo advanced 0.7% to 29,213.04. The Hang Seng in Hong Kong added 1.4% to 25,772.87.
The Kospi in Seoul was 0.6% higher at 3,024.79 and Sydney's S&P/ASX 200 gained 0.2% to 7,393.20. International oil benchmark Brent crude rose 0.66 per cent to $84.89 per barrel.
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