The benchmark indices on Wednesday rose more than half a per cent to finish at new record highs, supported by gains in banking stocks.
The S&P BSE Sensex closed above 74,000 for the first time. The 30-share index rose 409 points, or 0.6 per cent, to close at 74,086. The National Stock Exchange Nifty closed at a fresh record high of 22,474, up 118 points, or 0.53 per cent.
However, the broader market saw intense selling pressure, with the Nifty Smallcap 100 dropping nearly 2 per cent, its worst single-day fall since February 12 when the index had crashed 4 per cent.
The overall market breadth was also weak, with 904 stocks advancing and 2,954 declining on the BSE. The Nifty Smallcap 100 is down nearly 4 per cent this week.
Market players said the selloff in the broader markets was due to concerns over expensive valuations. Also, the decline in shares of non-banking financial companies amid fears of a wider crackdown by the Reserve Bank of India weighed on sentiment. Kotak Mahindra Bank and Axis Bank rose more than 2.2 per cent each the most among Sensex components.
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