Representative image showing stock prices falling.
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Mumbai: Equity benchmark indices hit their new record high levels in early trade on Friday but failed to hold on to the gains and were later trading lower tracking weak trends from global markets.
The 30-share BSE Sensex hit its new all-time high of 81,587.76 in the initial trade but failed to carry forward the winning momentum and declined 166.93 points to 81,176.53.
The NSE Nifty also dropped 73.1 points to 24,727.75 after hitting its fresh record peak of 24,854.80 during the opening bell.
Among the Sensex pack, Tech Mahindra, UltraTech Cement, Tata Steel, JSW Steel, Sun Pharma and Power Grid were the biggest laggards.
Infosys climbed nearly 3 per cent after the IT major reported a 7 per cent rise in consolidated net profit at Rs 6,368 crore in the April-June quarter and raised its growth outlook for the current financial year, signalling an improvement in the IT segment.
Asian Paints, ITC, Nestle and Adani Ports were the other gainers.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were quoting lower.
The US markets ended in negative territory on Thursday.
Global oil benchmark Brent crude declined 0.41 per cent to $84.76 a barrel.
Foreign Institutional Investors (FIIs) bought equities worth Rs 5,483.63 crore on Thursday, according to exchange data.
The BSE benchmark Sensex jumped 626.91 points or 0.78 per cent to settle at a fresh closing high of 81,343.46 on Thursday.
The broader Nifty climbed 187.85 points or 0.76 per cent to settle at an all-time closing high of 24,800.85.