Sensex slips 121 points; Nifty slips below key 7,700-mark in afternoon trade

Mumbai: The BSE benchmark Sensex fell 120.67 points and the broader Nifty slipped below the key 7,700-mark in late morning trade due to profit-booking at higher levels in key bluechips of financials, realty, metal, telecom, energy, and banking sectors.

Despite higher Asian cues and continuous gains in previous four sessions marked by holidays, caution prevailed ahead of March derivatives expiry this week.

The stock exchanges were closed on last Thursday and Friday for 'Holi' and 'Good Friday', respectively.

The Sensex resumed higher at 25,417.11 and hovered between a high of 25,432.94 and a low of 25,190.07 before quoting at 25,216.95 at 1110 hrs, showing a loss of 120.67 points or 0.48 per cent.

The NSE 50-share Nifty also fell by 29.05 points or 0.38 pct to quote below the crucial 7,700-level to 7,687.45.

Major losers were SunPharma (2.50 pct), ICICI Bank (2.09 pct), Tata Steel (1.39 pct), Axis Bank (1.35 pct), Realiance (1.22 pct) and HDFC (1.21 pct).

Meanwhile, Foreign funds (FPP and FIIs) continued their buying spree as they bought shares worth Rs 976.91 crore on last Wednesday as per the provisional data of stock exchanges.

Overseas, most Asian markets were trading higher after an upward revision in US gross domestic product data stoked expectations for a steady recovery in the world's largest economy. US market ended on quiet last Thursday with concerns about the outlook for interest rates hike.