The Sensex and Nifty fell of their record highs on profit-booking in afternoon trade with BSE midcap and small cap indexes contributing to the decline.
While the Sensex was trading 82 points or 0.24% lower at 34,360, Nifty was holding on to the key 10,600 level , still down 33 points.
The midcap and small cap indexes fell 89 and 91 points respectively.
Earlier in the day, BSE Sensex hit new life-time intra day high of 34,565.63 in opening session, extending its record-setting spree for a fourth session on buying by domestic investors ahead of quarterly results by bluechips.
The 30-share index rose by 122.44 points, or 0.35 per cent, to hit a new peak of 34,565.63, surpassing its previous record (intra-session) of 34,488.03 points hit yesterday.
The gauge had gained almost 650 points in previous four sessions to close at a record high at 34,443.19 in yesterday's session.
Sectoral indices, led by healthcare, realty, teck, oil & gas, IT and infrastrcuture, were leading the gains.
The 50-share NSE Nifty gained 18.50 points, or 0.17 per cent, to quote at 10,655.50.
The gauge touched an intra-day high of 10,659.15 and closed at record high of 10,637 yesterday.
Major gainers were ONGC, Coal India, Bharti Airtel, Sun Pharma, Adani Ports, Reliance Industries, Power Grid, ITC Ltd, Dr Reddy's, SBI, Infosys, NTPC and TCS, rising by up to 1.40 per cent.
Brokers said fresh buying by domestic institutional investors (DIIs) and retail investors ahead of third quarterly earnings by bluechip companies lifted the flagship Sensex to new highs.
Besides, a firm trend in global markets also boosted sentiments, they said.
Among other Asian markets, Hong Kong's Hang Seng gained 0.21 per cent, while Shanghai Composite Index rose 0.24 per cent in early trade today. Japan's Nikkei, however, fell 0.22 per cent.
The US Dow Jones Industrial Average closed at new records ahead of key earnings reports.