Dalal Street snaps record-breaking run on profit-taking; Sensex drops 168 pts

• Power Grid, ITC, JSW Steel, ICICI Bank, Tech Mahindra, Infosys were the major laggards.
• Sun Pharma, Reliance Industries, HCL Tech, Hindustan Unilever were among the top gainers.
• Tokyo, Shanghai and Hong Kong settled lower while Seoul ended in the green.

Benchmark equity indices, the Sensex and the Nifty, declined on Monday due to profit-taking by investors after a record-breaking rally in the last week and a largely weak trend in Asian markets. Snapping its three-day rally, the 30-share BSE Sensex declined 168.66 points or 0.24% to settle at 71,315.09. During the day, it fell 341.46 points or 0.47% to 71,142.29. The Nifty fell by 38 points or 0.18% to 21,418.65.

Among the Sensex firms, Power Grid, ITC, JSW Steel, ICICI Bank, Tech Mahindra, Infosys, IndusInd Bank and Mahindra & Mahindra were the major laggards.

Sun Pharma, Reliance Industries, HCL Tech, Hindustan Unilever, Bajaj Finance and Maruti were among the gainers.

Vinod Nair, Head of Research at Geojit Financial Services, said, "The market started on a subdued note as concerns over oil supply disruptions through the Red Sea and elevated valuations dented investor sentiment."

In Asian markets, Tokyo, Shanghai and Hong Kong settled lower while Seoul ended in the green.

Europan markets were trading on a mixed note. The US markets ended mostly with gains on Friday.

Global oil benchmark Brent crude declined 0.29% to USD 76.33 a barrel.

Foreign institutional investors (FIIs) continued their buying momentum as they bought equities worth Rs 9,239.42 crore on Friday, according to exchange data.

Rising for the third day running, the BSE benchmark jumped 969.55 points or 1.37% to settle at its record closing high of 71,483.75 on Friday. During the day, it surged 1,091.56 points or 1.54% to 71,605.76, its all-time intra-day high level.

The Nifty climbed 273.95 points or 1.29% to settle at its new closing high of 21,456.65. During the day, it zoomed 309.6 points or 1.46% to hit its record intra-day peak of 21,492.30.

(Text input from PTI)