After opening on a positive note, markets witnessed hectic profit-booking in most of the sectors in late morning trade, leading to fall in the Sensex and Nifty by nearly 100 points from their all-time highs ahead of the Railway Budget.
Earlier, the Sensex touched new all-time high of 26,190.44 and Nifty crossed the 7,800-mark for the first time.
Shares of realty, capital goods, banking, power, oil & gas, metal, auto, IT and tech segments encountered heavy selling pressure.
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However, healthcare, FMCG, consumer durables remained in positive terrain.
Meanwhile, Foreign Portfolio Investors (FPIs) bought shares worth a net Rs. 198.57 crore on Monday, as per provisional data from the stock exchanges.
The 30-share index Sensex opened higher at 26,166.92 points and rose to a high 26,190.44 before slipping to 26,001.15 at 1000 hours, showing a loss of 98.93 points or 0.38 per cent from its last close.
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The NSE 50-share Nifty is also gained to a high of 7,808.85 before dropping by 38.25 points, or 0.49 per cent, to 7,748.90 at 1000 hours.
Major losers are SSLT 2.21 pct, Coal India 1.36 pct, M&M 1.30 pct, Maruti 1.07 pct, ICICI Bank 1.03 pct and Tata Power 0.95 pct.
Meanwhile, Asian stocks were trading lower as earnings guidance from regional tech heavyweight Samsung came in well short of forecasts.
Key benchmark indices in China, Singapore, South Korea, Hong Kong and Japan were down 0.14 pct to 0.23 pct; while key benchmark indices in Taiwan and Indonesia were up 0.01 pct to 0.92 pct.