Profit booking, along with global cues pulled the key Indian equity indices lower during Wednesday's late afternoon trade session.
Accordingly, the key indices after hitting fresh all-time high levels on Wednesday morning shed major gains.
The S&P BSE Sensex had opened at an all-time high of 48,616.66, and the Nifty50 on the National Stock Exchange touched a new record of 14,244.15 points.
Some losses were witnessed in the FMCG, IT and Pharma indices, while Metal, Media, Realty and Banking spaces traded in the green.
Around 2.30 p.m., Sensex traded at 48,074.11, lower by 363.67 or 0.75 per cent from its previous close.
The Nifty50 was trading at 14,110.10, lower by 89.40 points or 0.63 per cent from its previous close.
"Bank Nifty gave a range breakout in yesterday's session and sustaining well above the same. Thus, we may see outperformance in banking sector in coming days too," said Jay Purohit, Technical & Derivatives Analyst, MOFSL.
"Also, we continue to maintain our bullish stance in insurance space and advise traders to use buy on dips strategy on the same."
According to Likhita Chepa, senior Research Analyst at CapitalVia: "US market shows some uncertainty due to the uncertain outcome of the US Senate runoff elections in Georgia that will likely shape fiscal policy in the President-elect Joe Biden administration."
"New lockdown that has been imposed also shows impact on the global market and the Asian markets also likely to show a little resistance in the uptrend rally. Though Indian market rally is likely to continue in the market as experts say that India's exports may grow at 11-12 percent with the opportunity for a potential Covid-19 vaccine."