Benchmark indices Sensex and Nifty nosedived in the noon deals after investors turned to profit booking at record highs.

Sensex shed as much as 930 points to hit an intraday low of 70,983.70 while Nifty declined to an intraday low of 21,300.95.

Earlier in the day, bulls gained momentum as the benchmark indices Sensex and Nifty hit fresh highs of 71,913.07 and 21,593, respectively.

Selling pressure was broad-based as all the sectors, barring FMCG and Consumer durable indices were trading lower led by PSU Bank index, which fell nearly 3 per cent.

Adani Ports, Adani Enterprises, Tata Steel, and UPL were among the major losers on Nifty50.