The BSE benchmark Sensex came off the lifetime high levels in trades on Wednesday on the back of selling in IT, metal and frontline banking stocks.
The 50-share Nifty also came off the high levels but was trading above important psychological level of 9,000 supported by gains in Sun Pharma, ITC and HDFC.
The rupee which touched fresh 1-month high of 61.67 also came off those levels and was at 61.92.
Earlier in the day, the Sensex and Nifty registered their respective lifetime highs after the Reserve bank of India surprised the Street with a 25 basis point repo rate cut.
The repo rate cut comes days after Finance Minister Arun Jaitley's Union Budget announcement. In his Budget, Mr Jaitley had loosened the reins on public spending to drive growth, but promised lower-than-expected borrowing despite raising the fiscal deficit target.
Meanwhile, the banking stocks which came in high demand in morning deals post this development were facing some amount of profit booking in the noon deals.
From the banking space, State Bank of India, Bank of India, Federal Bank, Axis Bank and IndusInda Bank were facing the heat of selling pressure and were trading lower.
Selling pressure was visible in IT, metal, oil & gas, power and consumer durable stocks as well.
From the Nifty basket, Cairn India, Hindalco, IDFC, Grasim Industries, Tata Power, Coal India, Sesa Sterlite, Wipro, ACC, TCS, reliance Industries and Infosys were among the leading losers.
At the same time, Sun Pharma Industries touched its fresh 52-week high of Rs 1007 after its subsidiary Sun Pharma Advanced Research Company got a nod from US Food and Drug Administration for its anti-epileptic drug ELEPSIA XR.
Jindal Steel, Kotak Mahindra Bank, DLF, Bharti Airtel, ITC and HDFC were also among the gainers.
At 2:24 PM, the Sensex was up 146 points at 29,740. It touched its lifetime high of 30,024.74 in the morning trades.
Nifty was at 9,030, it touched high of 9,119.20 in the morning deals.
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