Snapping its 10-session winning run, equity benchmark Sensex tumbled 264 points on Wednesday, dragged by losses in Reliance Industries, ITC and Infosys.
After touching its record intra-day higher of 48,616.66 in early trade, the 30-share BSE index pared all gains to finish 263.72 points or .54 per cent reduced at 48,174.06.
Similarly, the broader NSE Nifty fell 53.25 points or .38 per cent to 14,146.25. It touched a record peak of 14,244.15 for the duration of the day.
ITC was the best laggard in the Sensex pack, shedding about 3 per cent, followed by Reliance Industries, Bajaj Finance, Axis Bank, HUL and HCL Tech.
On the other hand, PowerGrid, Bharti Airtel, ONGC and UltraTech Cement have been amongst the gainers.
Domestic equities witnessed higher volatility and corrected mostly on turning outcome of Georgia’s run-off elections for two Senate seats in the favour of Democrats, mentioned Binod Modi, Head-Strategy at Reliance Securities.
“Control of Senate by Democrats is likely to result in reversal of lower tax rates in the US, which may create certain volatility in the market,” he mentioned, adding that volatility index shot up sharply more than 5 per cent at 1 point of time.
Further, profit-booking at record levels also dragged benchmarks reduced, traders mentioned.
Elsewhere in Asia, bourses in Shanghai and Hong Kong ended on a positive note, although Tokyo and Seoul have been in the red.
Stock exchanges in Europe have been trading firm in early bargains.
Meanwhile, the international oil benchmark Brent crude was trading .99 per cent greater at USD 54.13 per barrel.