Sensex slips below 31,000-mark after two consecutive profit-booking sessions

Stock markets came off their peak and turned weak on Monday after two back-to-back sessions of gains as the benchmark Sensex cracked below 31,000-mark after investors indulged in profit-booking. Besides, muted earnings from some companies weighed on sentiment.

The 30-share index slipped below the 31,000-mark by falling 158.31 points, or 0.51%, to 30,869.90 as profit-booking set in recent gainers. The gauge had gained 726.57 points and closed at life high of 31,028.21 after scaling an intra-day record high of 31,074.07 on Friday.

BSE sectoral indices led by healthcare, IT, teck and realty declined. On similar lines, the NSE Nifty retreated from life highs as it succumbed to profit-booking to quote 47.40 points, or 0.49%, lower at 9,547.70. It had closed at an all-time high of 9,595.10 after soaring to 9,604.90 (intra-day) on Friday.

Brokers said emergence of selling by participants at record levels amid discouraging fourth quarterly earnings by some bluechip companies dampened sentiments.

Among Sensex-30 constituents, Sun Pharma suffered the most by tumbling 12.07% to Rs 499.90 following disappointing earnings. Other major losers were Lupin, ICICI Bank, Wipro, Adani Ports, Cipla, Maruti Suzuki, NTPC, ONGC and Infosys, falling by up to 1.70%.

Among other Asian markets, Hong Kong's Hang Seng rose 0.09% while Japan's Nikkei up 0.16% in their early deals. Shanghai Composite Index too was up 0.07%.

The US Dow Jones Industrial Average ended 0.01% lower on Friday.