The Bombay Stock Exchange benchmark index climbed to an all-time high for the third successive session on Wednesday, but came off as investors locked in gains in a market that has risen 19 per cent in three months.
At 10:46 am, the 30-share index was up 0.16 per cent, or 22.38 points, at 14,828.89, after having touched a record 14,906.93 in opening deals. Its previous peak was 14,828.39 hit on Tuesday.
"A correction was expected after the market rose to such high levels in recent sessions. I think this correction will continue for the next couple of days," said Vinod Bansal, director at New Delhi-based investment advisory Ficuswealth.
Online share trading firm ICICIdirect.com said the support for the index was at 14,757 and the resistance to the up move at 14,848-14,978.
The benchmark index's relative strength had ended above 78 on Tuesday, a technical indicator that it is overbought.
Brokerage IndiaInfoline said in a research report that the corporate earnings season, which will start next week, would play a role in determining the market's direction over the next few days.
Shares in Bharti Airtel Ltd. were up 0.61 per cent at 871.90 rupees, after the parent Bharti group said it had offered 5 per cent equity in the top mobile services firm to Singapore's Temasek Holdings.
Top private firm Reliance Industries Ltd., which has the highest weighting on the index, gained 0.59 per cent to 1,715.45 rupees on hopes for strong quarterly earnings, traders said.
The 50-issue NSE index was down 0.11 per cent at 4,352.85 points, after having hit a lifetime high of 4,386.45 in early deals. Its previous peak was 4,363.35 hit on Tuesday.
In the broader market, losers outpaced gainers 1,161 to 929 on volume of nearly 73 million shares.