BENGALURU, Sept 12 Reuters India39;s Nifty 50 index dipped in volatile trading on Tuesday as investors booked profits after the bluechip index hit a record high near the open, while the smallcaps and midcaps snapped an 11session winning run.

The Nifty 50 ended 0.02 lower at 19,993.20, after hitting an alltime high earlier for the second straight session. The 30member SP BSE Sensex settled 0.14 higher at 67,221.13.

The volatility index rose to 11.69, the highest since Aug. 31.

The profitbooking seen today at near record highs was just a matter of time due to stretched valuations, said Narendra Solanki, head of fundamental research at Anand Rathi Shares and Stock Brokers.

The more domesticallyfocussed smallcaps and midcaps fell 4.1 and 3.07, respectively, posting their steepest intraday drops for 2023.

The small and midcaps have gained 9.4 and 7.7, respectively, over the last 11 sessions, and have posted numerous record highs along the way.

Earnings in small and midcaps have to catch up to their lofty valuations to justify further rally, said Solanki, echoing Kotak Institutional Equities39; concerns.

On the day, oil and gas stocks lost 2.82 as crude oil prices held above 90 a barrel.

Auto stocks tumbled 1.86 after India39;s road transport minister said he would propose an additional 10 tax on diesel vehicles, although he said the proposal was not currently under active consideration by the government.

Among the rare bright spots were IT stocks, which gained…