Besides a weak Asian trend and lower opening in Europe further influenced the trading sentiment, brokers said.
The BSE 30-share Sensex after hitting a new record high of 26,190.44 points in opening trade, retreated to 25,897.33, showing a fall of 202.75 points, or 0.77 percent.
Similarly, the broad-based National Stock Exchange index Nifty lost 42.25 points, or 0.54 percent, to 7,744.90 after hitting its life-time high of 7,808.85.
Share prices of companies that cater to the railway sector came under pressure and tanked up to 12.15 percent despite important announcements made by Railway Minister Sadananda Gowda in his maiden rail budget.
Major losers were Texmaco Rail, Titagarh Wagons, Kalindee Rail Nirman, Kernex Micro, Commercial Eng., BEML, Stone India and Bartronics.
The government proposed in the rail budget to attract investment from domestic and foreign players in infrastructure.
Among BSE-30 shares, Sesa Sterlite fell 3.89 percent, Tata Steel by 1.31 percent, Hindalco by 0.95 percent, Larsen and Toubro by 1.29 percent, SBI 1.15 percent and Reliance Industries 1.31 percent, dragged down the Sensex.
Globally Hong Kong's Hang Seng index was down 0.10 percent, while Japan's Nikkei shed 0.14 percent. European markets opened in negative territory.
Source: Latest News from Business News
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