Markets retreat from record high levels dragged by M&M, IT stocks; Sensex tanks over 900 points

Mumbai: Equity benchmark indices tumbled after hitting their fresh record high levels in early trade on Wednesday, with the Sensex dropping over 900 points, dragged by M&M and IT stocks along with a largely weak global market trends.

Profit-taking after a record-shattering rally also played spoilsport for the markets.

The 30-share BSE Sensex climbed 129.72 points to hit a new all-time high of 80,481.36 during the opening trade. But, soon the benchmark retreated and tumbled 915.88 points to 79,435.76 during the late morning trade.

The NSE Nifty also hit its fresh lifetime high of 24,461.05 in opening deals but pared all gains and declined 291.4 points to 24,141.80.

Among the Sensex pack, Mahindra & Mahindra tanked over 7 per cent. HCL Technologies, TCS, Tata Steel, Kotak Mahindra Bank and State Bank of India were other big laggards.

Maruti, Power Grid, Titan and Adani Ports were among the winners.

In Asian markets, Shanghai and Hong Kong were quoting lower while Seoul and Tokyo traded higher.

US markets ended on a mixed note on Tuesday.

Global oil benchmark Brent crude declined 0.67 per cent to USD 84.09 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth Rs 314.46 crore on Tuesday, according to exchange data.

The BSE benchmark climbed 391.26 points or 0.49 per cent to settle at a new closing peak of 80,351.64 on Tuesday. The NSE Nifty went up by 112.65 points or 0.46 per cent to 24,433.20 -- its record closing high.