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Benchmark equity indices Sensex and Nifty went into a tailspin after hitting their fresh all-time high levels on Wednesday, closing down by over 1 per cent as investors cashed in on the recent rally.
Erasing all its early gains, the 30-share BSE Sensex crashed 930.88 points or 1.30 per cent to settle at 70,506.31.
The index opened higher and later gained 475.88 points or 0.66 per cent to hit its all-time high of 71,913.07.
However, selling across the board dragged the barometer down from record highs and it dropped to a low of 70,302.60.
The Nifty fell by 302.95 points or 1.41 per cent to 21,150.15.
During the day, it climbed 139.9 points or 0.65 per cent to reach its record high of 21,593.
All the 30 Sensex shares, except for HDFC Bank, closed in the red.
Tata Steel fell the most by 4.21 per cent. NTPC, Tata Motors, HCL Technologies, Mahindra & Mahindra, State Bank of India, Power Grid, Tech Mahindra, Larsen & Toubro and JSW Steel also declined.
HDFC Bank was the only gainer from the pack.
In Asian markets, Seoul, Tokyo and Hong Kong settled in the positive territory while Shanghai ended lower.
"The domestic market saw a sharp and abrupt sell-off in the second half, despite the positive trend in global peers.
"This is attributable to profit-booking from the recent sharp rally stretching valuations of mid and small-cap stocks.
"The recent uptick in crude prices prompted investors to book profits," said Vinod Nair, Head of Research at Geojit Financial Services.
Global oil benchmark Brent crude jumped 0.76 per cent to $79.83 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 601.52 crore on Tuesday, according to exchange data.