Markets tumble from record highs

Benchmarks buckled under heavy selling pressure on Tuesday as wary investors pocketed gains in recent winners ahead of the Union Budget amid lacklustre global leads.

The BSE Sensex sank about 250 points to end at 36,033.73, while the broader NSE Nifty dropped 80 points to 11,049.65.

Brokers said investors took money off the table and held back fresh bets ahead of the Union Budget on February 1.

Market sentiment was also impacted as other Asian markets retreated from record highs, tracking overnight meltdown at the Wall Street after a sell-off in Apple shares.

Investors were also cautious ahead of the US Federal Reserve's two-day monetary policy meeting beginning Tuesday.

The 30-share Sensex, after opening a shade lower at 36,277.12, continued its slide to crack the 36,000-mark and hit a low of 35,993.41 during the day. It finally settled at 36,033.73, down 249.52 points, or 0.69%.

Peaked on Monday

The index had gained 232.81 points on Monday and closed at a record high of 36,283.25.

The Nifty too closed lower by 80.75 points, or 0.73%, at 11,049.65 after hitting a low of 11,033.90.

It had ended at a lifetime high of 11,130.40 on Monday.

"Market slid followed by weaknesses in global markets while investors are likely to utilise the correction as improving domestic macros coupled with earnings growth will benefit in the long run.