MUMBAI: The Sensex and Nifty indices declined in early trade on Monday as blue-chip IT firms came under selling pressure and profit-taking after the recent sharp rally in equities.
The 30-share BSE Sensex fell 93.95 points to 80,919.19 in early trade and 50-share NSE Nifty dipped 30 points to 24,968.80.
HCL Tech, Infosys, Power Grid, Bharti Airtel, UltraTech Cement and Tata Consultancy Services were among the major laggards in Sensex. State Bank of India, HDFC Bank, ICICI Bank and InterGlobe Aviation were the top gainers.
"After a sharp weekly advance and a subdued Muhurat trading session, the market enters the new week facing a key test of momentum, with investors likely to weigh the scope for further gains against the prospect of near-term profit-taking," said Ponmudi R, CEO of Enrich Money, an online trading and wealth-tech firm.
He also said "The immediate focus will be on whether underlying buying interest can sustain the recent advance, particularly against the backdrop of lingering global concerns surrounding the AI trade and ahead of Thursday's CPI data, which could provide the next significant directional cue for domestic equities."
Last week, the BSE benchmark soared 6,568.49 points, or 8.82 per cent, and the Nifty jumped 1,977.25 points, or 8.57 per cent.
Brent crude, the global oil benchmark, traded 0.16 per cent lower at USD 98.16 per barrel.
In Asian markets, South Korea's KOSPI, Japan's Nikkei 225 index, Shanghai's SSE Composite Index and Hong Kong's Hang Seng index were trading higher. US equity markets ended mostly higher on Friday.
Benchmark indices Sensex and Nifty ended marginally lower in the special Diwali Muhurat trading session on Sunday amid profit-taking by investors after a seven-day rally.
The Sensex and Nifty ended marginally lower in Sunday’s special Diwali Muhurat session, as investors booked profits after a seven-day rally. The session marked the start of the Hindu calendar year Samvat 2083.
After a bullish start, the Sensex failed to hold its gains and settled 28.62 points, or 0.04 per cent, lower at 80,999.40. The Nifty fell 43.95 points, or 0.18 per cent, to end at 24,986.40.
Regular trading runs from 9:15 A.M to 3:30 P.M while Muhurat trading sessions are shorter than usual sessions.
(With inputs from PTI)