BSE Sensex was down by 0.42 per cent or 307.79 to 72,825 points, while the NSE Nifty was at 22,135, down by 0.35 per cent or 78.50 points. A total of 3,468 stocks were actively traded, 1,753 advanced, 1,599 declined, and 116 stocks remained unchanged, where 226 stocks hit a 52-week high, and 16 stocks hit a 52-week low at 10 am on Monday.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “The global market construct continues to be favourable. With the S&P 500 setting newer records, the mother market, the US, has turned very resilient. Japanese Nikkei, which is at record highs, is another pillar of support for global markets.

Even though high valuation in India is a matter of concern, it is unlikely to impact the market much in the near term. Cheap valuation in China is not attracting foreign investors.

The market leadership now has strong blue chips like Reliance, ICICI Bank, and Bharti.

Sustained buying by DIIs (Rs 21700 crores in February so far) supported by HNIs and retail investors has completely eclipsed the FII selling. FIIs have lost in this tug of war with DIIs since the market has been scaling new highs despite FII selling.”

Major gainers on the NSE at 10 am include- L&T (1.65%), Bajaj Auto (1.17%), Power Grid (1.12%), Cipla (0.76%), Dr Reddy’s (0.57%)

Major losers include - Asian Paints (-3.72%), BPCL (-1.75%), Tech Mahindra (-1.47%), Titan (-1.32%), TCS (-0.98%.

BSE smallcap was up by 0.19%, and midcap was down by 0.36%