In early trade, it touched an all-time high of 11,163.75, surpassing its previous (intra-day) record high of 11,110.10 hit on January 24.
European markets were lackluster in early trade as investors waited for cues from fresh economic releases and a slew of corporate earnings.
The broader NSE Nifty end 0.55 percent higher at 11,130.40, after rising as much as 0.92 percent to a record high of 11,171.55.
Just a couple of days before Union Budget 2018, key indices dived into cautious mode of trading on Tuesday.
Mumbai: Benchmarks buckled under heavy selling pressure today as wary investors pocketed gains in recent winners ahead of the Union Budget amid lacklustre global leads. The 30-share BSE Sensex was down 249.52 points or 0.69 percent at 36,033.73 and the 50-share NSE Nifty fell 80.70 points or 0.73 percent to 11,049.70.
The Nifty also retreated from its life highs, but managed to close above the crucial 11,000-mark.
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"The upcoming US Fed policy and India budget will remain the near term catalyst", said Vinod Nair, Head of Research, Geojit Financial Services.
Profit booking along with a weak trend in other Asian markets following overnight losses on Wall Street dented market mood back home.
Provisional data with the exchanges showed that both foreign and domestic institutional investors turned net sellers and sold scrips worth Rs 105.56 crore and Rs 281.65 crore respectively.
Asian Paints was the worst performer among the Sensex components by falling 2.22 per cent, followed by Kotak Mahindra Bank at 2.20 per cent.
Australian stocks shed 0.4 per cent, South Korea's KOSPI lost 0.1 per cent and Japan's Nikkei dropped 0.7 per cent. Hong Kong's Hang Seng slipped 0.2 per cent and Shanghai was down 0.3 per cent.