The S-P BSE Sensex and NSE Nifty 50 indexes erased gains after hitting record highs earlier in the session paced by losses in Zee Entertainment, Bharti Infratel, Grasim Industries, Bharti Airtel, JSW Steel, Sun Pharma, Wipro and Power Grid.
Earlier in the day, the benchmarks opened at record highs wherein the Sensex climbed above 41,000 for the first time and Nifty surpassed its previous high of 12,103.
The Sensex fell as much as 410 points from record high of 41,120.28 and NSE Nifty 50 dropped 116 points from an all-time high of 12,132.45.As of 2:44 pm, the Sensex fell 121 points to 40,768 and Nifty 50 index fell 50 points to 12,023.Nine of 11 sector gauges compiled by National Stock Exchange were trading higher led by the Nifty Media indexes 3.5 per cent fall.On the other hand, Nifty Private Bank index was up 0.2 per cent.Zee Entertainment was top loser in the Nifty 50 basket of shares, the stock slumped as much as 9.2 per cent to Rs 312 after its Chairman Subhash Chandra resigned from the company.Bharti Infratel, Bharti Airtel, Grasim Industries, JSW Steel, Bharat Petroleum and Power Grid were also among the losers.On the flipside, GAIL, ICICI Bank, Yes Bank, IndusInd Bank, Dr Reddy's Labs and ONGC were among the gainers.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com.
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