The benchmark BSE Sensex snapped its three-day winning spree by slipping 77 points and the CNX Nifty declined from its record high due to fresh selling pressure mainly in metal, power and realty sectors ahead of the expiry of futures and options contract on coming Thursday.
The Sensex resumed higher at 28,520.76 and firmed up to 28,541.22, but declined immediately to 28,411.68 before quoting at 28,422.35 at 1000hrs, showing a loss of 77.19 pts or 0.27 per cent from its last close.
It had gained by 466.69 points, or 1.67 per cent, in the last three trading sessions.
The CNX 50-share Nifty also moved down by 32.60 points or 0.38 per cent to 8,497.55 at 1000hrs after hitting an all-time high of 8,535.35 in the initial trade.
Major losers were Tata Steel (1.70 pct), Hindalco Ind (1.51 pct), Tata Power (1.3 pct), Larsen (1.26 pct), Coal India (1.07 pct), SBIN (0.94 pct) and Icici Bank (0.90 pct).
However, the provisional data released by the stock exchanges showed that foreign portfolio investors (FPIs) bought shares worth a net Rs 407.42 crore yesterday.
The market may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from November to December 2014 series. The November 2014 derivatives contracts expire on 27 November 2014.
Asian stocks were trading mixed in their early trade. Key benchmark indices in Hong Kong, South Korea and Singapore were down 0.08 pct to 0.38 pct while indices in China, Japan and Taiwan rose 0.22 pct to 0.7 pct.