Markets retreat from record high levels; trade lower on weak global trends

Mumbai: Equity benchmark indices declined after hitting their fresh record high levels in early trade on Wednesday amid weak global market trends.

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 declined 207.47 points to 80,144.17.

The NSE Nifty also hit its fresh lifetime high of 24,461.05 in opening deals but pared all the gains and dipped 49.6 points to 24,383.60.

Among the Sensex pack, Mahindra & Mahindra, JSW Steel, Kotak Mahindra Bank, Axis Bank, State Bank of India and ICICI Bank were the biggest laggards.

Maruti, Adani Ports, NTPC and Bharti Airtel were among the winners.

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

US markets ended on a mixed note on Tuesday.

Global oil benchmark Brent crude declined 0.24 per cent to USD 84.46 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.