Sensex drops 900 pts from intra-day high; Nifty slips below 23,500

Equity benchmarks saw a crisp reversal successful Tuesday's commercialized arsenic markets pared aboriginal gains, with the Sensex and Nifty retreating from their highs owed to unit from cardinal heavyweights similar Reliance Industries (RIL) and SBI.  

After climbing implicit 1,000 points earlier, the Sensex slipped by implicit 900 points from its intra-day peak, concisely trading astatine 78,396.33, up 1.37 per cent oregon 1,057.32 points by 1:20 PM. Meanwhile, the Nifty 50 fell beneath the 23,500-mark earlier stabilizing, posting a summation of 305.10 points oregon 1.30 per cent astatine 23,758.90.  

Among the apical drags, Reliance Industries and SBI contributed to the sell-off, with profit-booking kicking successful aft caller rallies. However, buying involvement successful IT and Auto stocks provided immoderate cushion.  

Despite the volatility, mid- and small-cap indices outperformed, climbing implicit 1.5 per cent each. Analysts suggest that markets whitethorn stay range-bound, with investors cautious up of cardinal planetary cues and home net results.  

Key performers included M&M, Tata Motors, and Infosys, portion laggards featured RIL, SBI, and HDFC Life. Market participants volition present look for signals from planetary markets and commentary from companies arsenic net play progresses.