Indian shares ended a volatile session lower on Monday, as investors booked profits ahead of a market holiday and shares of Reliance Industries weighed on the main indexes after the conglomerate reported a decline in quarterly revenue at its oil-to-chemicals division.
The blue-chip NSE Nifty 50 index fell 0.93% to 14,238.9 and the benchmark S&P BSE Sensex closed 1.09% weaker at 48,347.59.
"When you have such a bull market there are days when you see such profit booking... people want to lighten their position before tomorrow's holiday and the budget," said Saurabh Jain, assistant vice-president of research at SMC Global Securities in New Delhi.
Billionaire Mukesh Ambani's Reliance Industries was the top drag on the indexes, ending the day 5.3% lower after reporting a near 30% decline in revenue at its oil-to-chemical business for the December quarter.
Shares of pharmaceutical companies were up after the government on Friday gave its nod to make 3 antibiotic products under a Production Linked Incentive (PLI) Scheme.
The Nifty Pharma index ended the day 1.7% higher, led by gains in Aurobindo Pharma and Cipla, whose shares closed 8.1% and 3.5% higher.
