Sensex sinks 523 points on profit booking

Benchmark stock indices Sensex and Nifty closed sharply lower on Monday amid a rush for profit taking and mixed trends in global markets.

The 30-share BSE Sensex settled 523 points or 0.73 per cent lower at 71,072.49.

The benchmark touched the lowest level of 70,922.57 during intra-day trade.

The broader NSE Nifty also closed 170.05 points or 0.78 per cent at 21,612.45.

As many as 22 stocks of the 30-share index settled in red while 34 constituents of Nifty50 closed the session with losses.

In the Sensex pack, NTPC, Tata Steel, SBI and IndusInd Bank were among the major laggards.

In contrast, Wipro, HCL Tech, Mahindra & Mahindra and Nestle were among the nine stocks that defied the trend.

BSE smallcap index fell 3.16 per cent while midcap lost 2.62 per cent and largecap closed 0.90 per cent lower.

In Asia, Tokyo's Nikkei 225 closed 0.9 per cent higher and China's Shanghai Composite went up 1.28 per cent. Hong Kong's Hang Seng fell 0.83 per cent.

Global oil benchmark Brent crude declined 0.50 per cent to $81.78 a barrel on Monday.

Foreign Institutional Investors (FIIs) purchased shares worth Rs 141.95 crore on Friday, according to exchange data.