Closing Bell: Markets fail to hold record highs; Sensex ends in red, Nifty below 12,050

Meanwhile, the Nifty50 index jumped 59 points to rise to 12,132, as against its previous high of 12,103 hit on June 3. Later it lost 126 points to hit its day's low of 12,006.

Among broader markets, the Nifty Midcap and Smallcap indices declined 0.85 percent and 0.4 percent, respectively.

GAIL, ICICI Bank, IndusInd Bank, Dr Reddy's and Tata Steel were the top gainers on Nifty, while Bharti Infratel, Zee, Bharti Airtel, Grasim, and JSW Steel led the losses.

Major selling was seen in media, auto, IT and realty indices. Nifty Media fell the most, down over 3.5 percent followed by Nifty IT, which fell 1.2 percent. Nifty Auto, Nifty Realty and Nifty Metal also shed around 1 percent each, while Nifty Pharma was down 0.4 percent.

Meanwhile, Nifty Bank rose 0.5 percent led by private banks. Nifty Private Bank index added 0.6 percent and Nifty Fin Services advanced 0.4 percent. Nifty PSU Bank index, however, lost 0.8 percent.

Zee Entertainment plunged over 7 percent after Subhash Chandra resigned as board chairman of the company with immediate effect.

Telecom stocks remained under pressure on November 26 after the telecom department confirmed not raising the telecom tariffs issue to Trai. The telecom department has not referred to the issue of fixing a floor price for telecom tariffs to Trai, according to a source. Bharti Airtel and Bharti Infratel fell 4 percent and 6.5 percent, respectively, while Vodafone Idea lost 9.3 percent.

InterGlobe Aviation, the IndiGo airline operator, fell 2.5 percent after the Directorate General of Civil Aviation (DGCA) restricted the airliner from operating glitch-prone Airbus A320 and A321neo aircraft.

Globally, world stocks hit their highest in almost two years on Tuesday, keeping record highs in sight, following fresh signs that the United States and China were working to end a bitter trade war that has dealt a blow to the global economy.

MSCI’s 49-country main world share index edged up 0.1 percent, having touched its highest level in almost two years. It is less than 1 percent off record highs hit in early 2018.