Most of the session's gains for both the indices were wiped out as investors rushed to book profits ahead of F&O expiry on Thursday and also due to concerns over stretched valuations.
Markets snapped their 8-day winning streak.
The NSE Nifty after shuttling between 10,441.90 and 10,341.90, ended 6.15 points, or 0.06 per cent down at 10,380.45.
Sesnsex ended the day flat on heavy selling pressure.
Gains in key IT, capital goods, healthcare and metal stocks, after consistent buying by domestic and foreign investors, helped both the key indices to scale new peaks.
Markets closed in the red on domestic worries.
Infrastructure investments in politically-expedient sectors such as water supply, sanitation and irrigation have seen an increase during the first year of the 12th Five-Year Plan (2012-13 to 2016-17), but the same did not get replicated in other critical sectors.
Sensex, Nifty put up a good show in closing trade.
The BSE Midcap and Smallcap indices have performed better than the front-liners
Investors have kept their eyes on US-China trade talks and are optimistic about a positive outcome.
Oil & Natural Gas Corporation Ltd said its ONGC Videsh Ltd authorized plans to hold talks with British Gas for acquisition of their stake in Kashagan oil filed. However, no action has been taken in this regard, it said.
A recovery in rupee, buying by domestic institutional investors, encouraging earnings by select blue-chips and stock specific buying helped the market get back on its feet
Infosys, TCS, ICICI Bank and Sun Pharma among the top losers of the hour.
'The domestic scenario is much better than earlier, demonstrated in the March quarter earnings.'
Being one of the early commentators to flag economic slowdown and caution investors on corporate earnings, Gautam Chhaochharia, head of India research, UBS Securities, in an interview with Hamsini Karthik says the markets remain in an expensive zone despite the recent correction.
Since most Indian firms have kept their forex exposure unhedged, credit profile of companies in the highly sensitive sectors such as oil & gas, metal & mining, airlines could weaken substantially, says Anup Roy.
This makes him corporate India's biggest donor to society.
HDFC, TCS, RIL, ITC and ICICI Bank dragged the Sensex by over 100 points.
The market sentiment was also impacted by mixed global cues as setbacks for a healthcare overhaul in the US raised doubts over prospects for a range of reforms backed by President Donald Trump.
The laggards in the Sensex kitty were Vedanta, Tata Steel, M&M, HCL Tech, Bharti Airtel, Maruti Suzuki, L&T, Asian Paint and HDFC
The automobile segment is our preferred area, and old favourites such as Tata Motors, Bajaj and Maruti Suzuki continue to entice us.
This surpassed its previous record close of 29,974.24, reached on April 5.
The 30-share Sensex gained 321 points to end at 26,430 and the 50-share Nifty surged 100 points to end at 7,879.
The broader markets underperformed benchmark indices as the BSE Mid-cap and Small-cap tumbled over 2%.
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.
Sensex ended up 11 points at 25,561 and the 50-share Nifty gained 16 points to end at 7,640.
Sun Pharma emerged as the star performer and closed 4.03 per cent up at Rs 675.45, while Cipla rallied 1.58 per cent to Rs 592.60.
Reliance Industries was the top Sensex gainer up 5.6% after the company reported better-than-expected net profit growth at 12% in the second-quarter aided hby higher gross refining margins.
The BSE IT sector, however, failed to snap a three-day losing streak and closed around 0.14 per cent lower.
Oil & Natural Gas Corporation Ltd said it has not yet been granted clearance by government for acquiring equity stake in MRPL.
Italy's Eni welcomed the Indian company. The other four partners have 60 days from date agreement.
IT majors along with metal names Sesa Goa and Hindalco buck trend.
Among the gainers, Sun Pharma topped by rising 3.03 per cent as the weak rupee tempted buyers to accumulate shares of pharma exporters.
The BSE benchmark Sensex surged about 241 points to end at 35,165.48 and the NSE Nifty gained 84 points to close at 10,688.65.
In its biggest acquisition till date, OVL, the overseas arm of Oil & Natural Gas Corp in November agreed to pay US energy giant ConocoPhillips about $5 billion for the 8.4 per cent stake in Kashagan, the biggest oilfield discovery in over four decades.
Some analysts have raised doubts on the wisdom of the recent deal. Though the Kashagan field has been under development for 12 years, involving an investment of almost $50 billion, the output isn't great. Even the earlier acquisition of Imperial Energy Corporation has not met the targets.
The entire selection process of the IOC chairman was shrouded in mediocrity and mystery.
The Tata group companies are now more valuable than all the listed central public sector undertakings (CPSUs) or companies in the country. The key 20 listed Tata companies ended the 2021 calendar year with a combined market capitalisation of Rs 23.36 trillion, ahead of the 70 listed CPSUs, which had a combined m-cap of Rs 23.2 trillion. In comparison, these CPSUs had a combined market capitalisation of Rs 16.7 trillion at the end of December 2020 against the Tata group firms' combined m-cap of Rs 15.7 trillion.
ONGC chairman and managing director R S Sharma formally launched the drill
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