Equity benchmark Sensex dropped 214 points on Wednesday, led by losses in index majors Infosys, HDFC and TCS as investors booked profits at record levels despite a positive trend in global markets.
After touching a lifetime high of 57,918.71 during the session, the 30-share index pared all gains to end 214.18 points or 0.37 per cent lower at 57,338.21. Similarly, the broader NSE Nifty declined 55.95 points or 0.33 per cent to 17,076.25. It touched an intra-day record of 17,225.75.
M&M was the top loser in the Sensex pack, shedding around 3 per cent, followed by Tata Steel, Bajaj Finserv, TCS, HDFC and Infosys.
On the other hand, Asian Paints, Nestle India, Axis Bank and Titan were among the gainers.
“Despite a strong opening after favourable GDP data, domestic indices failed to hold onto its early gains due to profit booking strategy from the recent rally,” said Vinod Nair, Head of Research at Geojit Financial Services.
India’s GDP rose due to the low base effect and was powered by private consumption expenditure and investment. The auto sector showed a flattish trend as sales for August saw a decline following supply constraints, he added.
In Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended on a positive note. Equities in Europe were also trading with gains in the afternoon session.
Meanwhile, international oil benchmark Brent crude rose 0.31 per cent to USD 71.85 per barrel.