Sensex closes 523 points lower on profit taking

MUMBAI: Sensex plunged by 523 points on Monday due to profit taking in metal and banking shares amid mixed trends in global markets.

The sensex settled 0.7% lower at 71,072 as 22 of its components closed in the red and eight in the green. The barometer opened higher and touched a high of 71,757 in early trade. However, profit taking in Reliance Industries, metal giants and banking shares dragged the index to a low of 70,923 during intra-day trade. The Nifty also closed 166 points or 0.8% lower at 21,616 with 34 of its constituents ending in the red. "An uptick in exchange margin requirements caused a decrease in positions, primarily in mid- and small-caps," Vinod Nair, head of research at Geojit Financial Services, said.