Markets opened marginally higher today but profit taking crept in immediately after opening as caution prevailed ahead of nation-wide launch of goods and services tax (GST) on July 1. Global factors such as falling crude oil prices also hit sentiments.
Markets will be closed on Monday for a public holiday.
"There will be some consolidation in the market once it has run up so sharply," said Shibani Kurian, senior vice president and head of equity research at Kotak Mutual Fund.
Among Nifty stocks, Bank of Baroda was the top loser, down 2.6 per cent, followed by IOC, Tata Motors, Tata Motors DVR, Bosch, Hero MotoCorp, which fell between 1.8-2.6 per cent.
Meanwhile, Power Grid was the top gainer in Nifty, up 1.82 per cent followed by Vedanta, Aurobindo Pharma, Sun Pharma and ICICI Bank, which rose as much as 1.11 per cent.
Out of the 51 stocks in Nifty, 13 stocks gained while 38 shares ended lower.
Midcap and smallcap stocks also succumbed to profit booking. The BSE Mid cap and Small cap indices shed 1.21 and 1.45 per cent respectively. (With agency inputs)