Sensex falls over 350 points after hitting record highs

Reuters Market Eye - The BSE Sensex and the Nifty are slump 1.4 percent each. Both the indexes hit a record high earlier in the session. The Nifty gained as much as 0.28 percent to touch a record high for the fourth straight session, hitting the 7,800 mark for the first time.

The Sensex rose as much as 0.35 percent to hit a life high of 26,190.44 for the second consecutive session.

Investors took profits in recent outperformers such as Bharat Heavy Electricals Ltd, which fell 5.4 percent. The company's shares have gained 42 percent this year. Larsen and Toubro is down 2.5 percent, whereas the stock is still up 59 percent this year.

Among other blue-chips, Oil and Natural Gas Corp is 2.9 percent lower, while ICICI Bank is down 1.2 percent.

Asian stocks tracked sideways on Tuesday as Wall Street turned cautious ahead of the corporate reporting season while earnings guidance from regional tech heavyweight Samsung came in well short of forecasts.

(Reporting by Indulal PM)