Profit-booking drags Sensex

Profit sales dragged the Sensex 0.7 percent lower on Monday, after shares climbed towards record-high level in early trade following their best week in nearly 16 months. Coal India, the state-run miner that made a stellar debut last week, fell 5.5 per cent, as traders locked in gains.

The 30-share BSE index declined 0.73 per cent or 152.58 points to 20,852.38, with 21 of its components declining. The benchmark rose to 21,075.71 in early trade, and was just around 130 points shy of posting a record high then. State-run Power Grid Corp declined 3.6 per cent after the electricity transmission utility fixed the price band for its up to $1.7 billion share sale at a 12-17 per cent discount to its Friday’s closing.