Sensex, Nifty Retreat After Reaching Record Highs

Mumbai: Equity markets witnessed profit booking after a stellar run, leading to the Sensex and Nifty falling from record highs on Wednesday.

Both indices opened higher, with the Sensex briefly touching a new peak of 80,481. However, selling pressure emerged, dragging the Sensex down 0.53% to close at 79,924. The Nifty mirrored the trend, shedding 0.45% to settle at 24,324.

Analysts attributed the decline to profit booking ahead of the upcoming earnings season, with muted expectations due to global economic slowdown and high inflation.

Metal, auto, and IT stocks led the losses, while healthcare, utilities, and power sectors provided some support.

Asian markets were mixed, with European markets trading higher in mid-session deals. Oil prices edged up slightly.

The market correction could extend as investors await earnings reports and the upcoming budget for further cues.

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