The Sensex ended below 28,000 for the second straight day at 27,869.
The broader NSE Nifty scaled a high of 10,856.55 before closing up by 55.90 points, or 0.52 per cent
Investors booked profits in range-bound trade, led by PSU, oil & gas, energy, infrastructure, telecom, realty, healthcare, bankex, FMCG, capital goods and power counters.
Rakesh Jhunjhunwala sounded another note of caution on the nature of the latest bull run.
Tata Motors was the biggest gainer in the Sensex pack, rallying 2.94 per cent. It was followed by Vedanta, Bajaj Finance, Sun Pharma, ONGC, ICICI Bank, Bajaj Auto, Tata Steel, RIL, HDFC duo, L&T and SBI, rising up to 2.78 per cent.
Broader markets outperformed with BSE Midcap and BSE Smallcap adding 0.23% and 0.45%, respectively
Sun Pharma was by far the biggest gainer in the Sensex pack, surging 8.13 per cent, followed by Dr Reddy's at 4.92 per cent.
Markets in green tracking firm global cues.
Among the Sensex losers, Yes Bank tumbled 5.46 per cent, followed by Bajaj Finance 5.40, ICICI Bank 3.82 per cent, IndusInd Bank 3.10 per cent and HeromotoCorp 2.55 per cent.
The 50-share Nifty scaled a high of 10,207.90 intra-day but succumbed to profit-booking to finish at 10,184.15, up 53.50 points
Among sectoral indices, telecom led the chart, spurting 3.08 per cent, followed by oil and gas.
With rate cut expectations running high ahead of RBI meet this week, risk appetite improved especially in rate sensitive stocks
Strong gains in metal, energy, auto and power shares lifted the key indices to new highs.
Both the indices ended at their highest levels since February 1.
Power, oil and gas, PSU, metal, banking, auto, capital goods, infrastructure and healthcare sector stocks witnessed heavy buying through the session.
NTPC was the top gainer among the Sensex stocks, rising by 3.53 per cent. Coal India, ONGC and Sun Pharma also rose up to 2.41 per cent.
Top losers in the Sensex pack include Bharti Airtel, Infosys, Asian Paints, RIL, Coal India, HDFC Bank, HDFC, TCS, ONGC and M&M, falling up to 3.09 per cent.
Pharma was the top losing index amid worries about their earnings outlook with Lupin down over 4%
Heavyweights such as Coal India, L&T and SBI ran up losses, taking cues from overseas markets.
Sentiment was largely positive after April IIP grew at 4.9 per cent, spurred by higher growth in manufacturing and mining sectors.
Investors have turned cautious and parked their funds in less risky and fundamentally strong stocks ahead of the second-quarter earnings season.
Ranbaxy requested withdrawal of approval under a consent decree.
The market breadth, indicating the overall health of the market was strong
Positive cues from Asian peers also uplifted the sentiment.
The sentiment got support from better-than-expected earning results by select companies and continuous buying by domestic financial institutions.
Extending losses for 7th session, Nifty fell below the 8,000 mark for the first time since Nov 25
Infosys was the top gainer in the Sensex pack, rising 2.36 per cent, followed by HDFC Bank up 1.39 per cent.
The broader NSE Nifty touched a high of 10,638.35 before settling at 10,584.70 -- up 20.65 points
Vedanta was the biggest gainer in the Sensex pack, rising 4.40 per cent. PowerGrid, Sun Pharma, Yes Bank, Tata Steel, HDFC Bank, Bajaj Finance, ICICI Bank and Bajaj Auto too ended up to 4.12 per cent higher.
Investors started booking profit at record highs in absence of cues from global markets that remained closed for the New Year holiday.
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Equity market's benchmark index Sensex on Thursday missed its all-time high level by only 1.33 points, but the country's overall investor wealth still remains nearly Rs 10 lakh crore below its peak level seen three years ago.
HDFC Bank was the top loser in the Sensex pack, falling 2.99 per cent, followed by Adani Ports at 2.87 per cent.
Market breadth was weak with 1239 losers and 1078 gainers on the BSE.
Markets extended losses after the first hour of trade with HDFC Group shares leading the decline.
Market participants are hoping for a few tweaks on the taxation front which will encourage consumers and businesses to spend.
After a long wait, the Shapoorji Pallonji Group has closed the sale process of its consumer durables business under the Eureka Forbes label by picking the American private equity fund Advent International's Rs 4,400-crore offer for a 72 per cent stake. The sale process, which began in November 2019, will help the over 156-year-old SP Group pair the debt pile and sharpen the focus on the flagship construction and engineering business under Afcons. The valuation of Rs 4,400 crore for a 72.56 per cent stake is is at an enterprise level and subject to closing adjustments and also includes an open offer for the remaining stake after the demerger and listing of Eureka Forbes, the SP group said in a statement on Sunday.
Notable losers were ONGC, Axis Bank, ITC, SBI, ICICI Bank, NTPC, Hero Motocorp, Sun Pharma and Bharti Airtel who fell by up to 2.80 per cent.
Investors cheered a sharp decline in the Current Account Deficit, which stands at a 4 year low as exports picked up and gold imports reduced.
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