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The Sensex and the Nifty ended flat after hitting record highs earlier in the day, as investors turned cautious ahead of the expiry of futures and options contracts at the end of the session.
The 30-share BSE index Sensex ended up by 0.84 point or 0.00 per cent at 32,383.30 and the 50-share NSE index Nifty closed lower by 0.1 point or 0.00 per cent at 10,020.55.
Among BSE sectoral indices, IT index fell the most by 1.79 per cent, followed by TECk 1.68 per cent, healthcare 1.32 per cent and metal 0.87 per cent. On the other hand, banking index was up 0.83 per cent, capital goods 0.35 per cent, infrastructure 0.31 per cent and realty 0.04 per cent.
Top five Sensex gainers were HDFC (+5.83%), HDFC Bank (+2.18%), Asian Paints (+1.32%), Kotak Bank (+1.21%) and State Bank of India (+0.86%), while the major losers were Dr Reddy's (-3.29%), TCS (-2.76%), Tata Motors (-2.43%), Bharti Airtel (-2.4%) and Infosys (-2.16%).
New highs
Intraday, the benchmark BSE Sensex soared to a fresh life-time high of 32,672.66 and the NSE index Nifty climbed to a new high of 10,114.85 on continued buying by investors driven by encouraging corporate earnings and positive global cues.
Domestic indices hit a record high for a third straight session as upbeat results from YES Bank Ltd and HCL Technologies and a rally in Asian shares lifted investor sentiment.
YES Bank continued to surge for a second day after posting upbeat quarterly results on Wednesday, drawing a string of price target hikes by several brokerage firms including JP Morgan, Jefferies, and Deutsche Bank.
The stock rose as much as 5 per cent to a record high. The NSE bank index was up 0.96 per cent.
HCL Technologies Ltd climbed 4 per cent to its highest since September 30, 2015 after reporting upbeat quarterly results.
Indiabulls Real Estate Ltd climbed to its highest since October 9, 2009 after CLSA initiated coverage on the stock with a 'buy' rating, pegging a price target of Rs 282, citing multiple key positives for the company going ahead.
The MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.9 per cent, as bulls scented a softening in the Federal Reserve's confidence on inflation that promised to keep US interest rates low for longer than expected.
The broader NSE index had on Tuesday surpassed the 10,000 point mark for the first time amid a raft of positive corporate results even as analysts continued to warn about potential consolidation.
“There is a clear sense of euphoria at the moment ... investors should hold on to their portfolios ... owing to an improving (domestic) economy and decent corporate results among other factors,” said Umesh Mehta, head of research at SAMCO Securities.
“A correction is due and we can expect to see some as early as next week.”
MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.9 per cent to heights not seen since December 2007. It has gained over 5 per cent so far this month.
US stocks climbed modestly on Wednesday to record closing highs after the Federal Reserve kept interest rates unchanged and strong earnings reports from Boeing and AT&T.
The US central bank's statement did not dramatically sway Wall Street's major indexes, which hit all-time peaks on a busy day of corporate earnings reports. A slide in financial shares held back gains for the S&P 500.
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