Market update: Sensex closes below 29K-level on profit-booking

Stock markets fell for the second straight session on Monday with the benchmark BSE Sensex slipping below the 29,000-mark by falling over 256 points as investors turned cautious ahead of the Budget and booked profits.

Selling was more pronounced in oil and gas, realty, consumer durables, FMCG, banking, metal, healthcare, infrastructure, auto, IT, power and capital goods sectors.

After Friday's over 230-point fall, the 30-share BSE Sensex opened in positive terrain but dipped below the 29,000-mark to touch a low of 28,913.16 as participants indulged in profit-booking towards the close of market hours.

It finally settled down by 256.30 points, or 0.88 per cent, at 28,975.11. The gauge touched a high of 29,362.96 in early trade.

Also, the 50-issue NSE Nifty sipped below the crucial 8,800-level by falling 78.65 points, or 0.89 per cent, to close at 8,754.95.

Prominent losers that pulled down the indices were RIL, HDFC Ltd, ONGC, Hindustan Unilever, Axis Bank, Tata Steel, Bajaj Auto, ITC Ltd, SBI, Infosys, Bharti Airtel, GAIL, Cipla, Hindalco, Tata Power, Tata Steel, Sun Pharma, Tata Motors and BHEL.

Sentiments were dampened as investors, who had been accumulating stocks from previous several sessions, turned cautious ahead of the Budget and indulged in offloading their positions by booking profits, equity brokers said.

Besides, a mixed trend in global markets negatively impacted the domestic equities, they added.