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Sensex and Nifty — the benchmark indices of the Indian stock markets — slipped into the negative territory during the last hour of trade, extending losses for the second consecutive session on Monday. Profit booking by investors, along with a weak rupee on the back of rising crude oil prices, and consistent outflow of foreign funds, pulled the stock markets lower despite favorable global markets.

The BSE Sensex, which surged over 400 points in early morning trade, shed over 614 points from the day’s high to close Monday’s trade at 34,134.38 points, down 181.25 points or 0.53% from its previous close. Reliance Industries was the top contributor to the Sensex’s fall, wiping off 127 points from the index. RIL share price was followed by IndusInd Bank (-67.97 points), Kotak Bank (-39.14 points), Infosys (-16.64 points), Asian Paints (-16.56 points) and Infosys (-16.08 points).

The NSE Nifty closed Monday’s trade at 10,245.25 points, down 58.30 points or 0.57%. Except for the auto and financial services indices, all other Nifty sectoral indices ended in the negative territory. Asian Paints fell 3% ahead of Q2 results announcement. The market breadth remained bearish on the National Stock Exchange as 16 Nifty companies advanced as compared to 33 declines.

Earlier during the day, the headline indices traded with gains led by healthy buying in most banking and auto stocks. Reliance Industries share price fell over 4% on the BSE on Monday, extending its Friday’s crash following a weaker than expected Q2 earnings announcement. On the other hand, HDFC Bank shares jumped 2.8% to scale an intra-day high of Rs 2,020.45 on the BSE during early morning trade deals after the company last week posted Q2 results which beat analysts estimates.

In the global markets, Asian share markets swung into the black on Monday as the promise of more stimulus boosted Chinese stocks for a second session and helped offset geopolitical concerns over Saudi Arabia, Italy and Brexit, said a Reuters report. Brent crude, the international benchmark, again went past the $80-mark to quote at $80.14 per barrel on Monday.