Benchmark Sensex today slipped from life highs to end sharply lower at 31,710.99 by falling 364 points following a steep plunge in ITC Ltd stocks after the GST Council yesterday hiked tax on cigarettes.
Besides, the broader Nifty also cracked below the 9,900- mark.
The Sensex and the Nifty today made the most of the momentum and registered new all-time peaks at 32,074 and 9,916, respectively, building on optimism about corporate earnings.
The benchmark Nifty settled above 9,650-level for the first time followed across-the-board buying triggered by positive global cues.
The 50-share index rose by 37.40 points to 9,653.50 following buying mainly in realty, pharma, FMCG, media, auto, infra and IT stocks.
The sharp stock rally in recent months has come as a surprise to many, but the market now awaits an event, like improved corporate earnings, for the next big move.