The benchmark BSE Sensex dropped over 267 points in early trade today as funds and retail investors booked profits after recent gains amid a mixed trend overseas.
The 30-share index, which had gained nearly 1,235 points in previous seven sessions, fell by 267.52 points, or 0.91 per cent, to 29,194.75.
Profit-booking in stocks of banking, consumer durables, oil & gas, IT and FMCG sectors negatively impacted trading sentiments.
In a similar fashion, the National Stock Exchange index Nifty declined by 79 points, or 0.88 per cent, to 8,816.30.
Brokers said besides profit-booking by retail investors and funds after seven sessions of gains, a mixed trend in global markets led to the decline in the benchmark Sensex.
Apart from that, a cautious stance by participants ahead of the Budget influenced sentiments, they said.
Among other Asian markets, Japan’s Nikkei Index was up by 0.32 per cent in early trade, while Hong Kong’s markets will remain closed today.
The US Dow Jones Industrial Average ended 0.24 per cent lower yesterday.