| Losses in index heavyweights Oil and Natural Gas and Tata Steel also contributed to the slide. |
| Key indices had gained 3 per cent over the previous three sessions amid concerns over expensive valuations. |
| After opening at record highs on Tuesday, the Sensex and the Nifty moved in a thin range, as investors sold pharmaceutical and telecommunication shares. |
| The Sensex ended at 14,478.19, down 37.71 points, or 0.3 per cent, after touching an all-time high of 14,564.80 intraday. |
| The Nifty ended at 4,191.65, down 23.70 points, or 0.6 per cent. It touched a record high of 4,228.15 during the session. |
| Combined turnover on both exchanges was Rs 16,000 crore, up 14 per cent from Monday. |
| Volume on the BSE was also boosted by three block deals in Tata Consultancy Services aggregating around 6.9 million shares, at an average of Rs 1,299.26 a share, dealers said. |
| The CNX Midcap Index ended up 0.3 per cent, while the S&P CNX 500 ended down 0.2 per cent. |
| "On Tuesday, foreign investors were diverting fund flow to banks and select power company shares," a dealer said. Over the past two sessions, foreign funds had net bought Indian shares worth Rs 140 crore. |
| The biggest Nifty losers were Reliance Communications, down 5 per cent at Rs 489.30, Videsh Sanchar Nigam, down 3.7 per cent at Rs 488.25, and Hindustan Petroleum, down 2.4 per cent at Rs 295.30. |
| Reliance Communications said on Tuesday that it has completed raising $1 billion overseas through a convertible bond issue. The FCCB issue has raised some concern over equity dilution, dealers said. |
| The company is battling Britain's Vodafone group and other domestic firms for 67 per cent in rival Hutchison Essar. |
| Another telecom major, VSNL, fell after saying FLAG Telecom is seeking monetary relief of about $406 million plus interest from the company. Among the BSE sector indices, the BSE Consumer Durables Index, down 2 per cent, was the worst hit. |
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