Sensex, Nifty slips from record highs on weak monsoon forecast

India is the first among markets valued at more than a $1 trillion to hit a peak this year

The benchmark Sensex and Nifty slipped on weak monsoon forecasts and over worries that the rally — which pushed the gauge to a high — has already factored in a lot of positives, including a potential rate cut by the central bank on Thursday. 

The benchmark Sensex closed 0.5 per cent or 180 points lower at 38,877 on Wednesday, after the record close on Tuesday. 

The Nifty50 retreated by 0.6 per cent, or 69 points, to 11,644, after climbing to an all-time intra-day high of 11,761 during trade.

“The indices slid after touching a new high as initial forecasts of below-normal monsoon by