Markets tumble from record highs on profit-booking; IT, metal stocks weigh

The Sensex and Nifty ratcheted up to fresh lifetime highs on Wednesday but failed to hold on to the gains as investors took some money off the table amid concerns over frothy valuations. IT, metal and auto counters bore the brunt of the selling pressure, while FMCG stocks saw brisk demand. After touching a lifetime high of 57,918.71 during the session, the 30-share BSE Sensex pared all gains to end 214.18 points or 0.37 per cent lower at 57,338.21, breaking its four-session winning run. Similarly, the broader NSE Nifty snapped its seven-day record-setting spree, settling 55.95 points or 0.33 per cent lower at 17,076.25. It touched an intra-day record of 17,225.75. Auto stocks were subdued after companies posted muted sales numbers for August. M&M was the top loser among the Sensex constituents, shedding 2.89 per cent, followed by Tata Steel, Bajaj Finserv, TCS, HDFC, Infosys and HCL Tech. On the other hand, Asian Paints, Nestle India, Axis Bank, Dr Reddy's, Titan and L&T were .

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