The Bombay Stock Exchange benchmark Sensex was down by 93 points on Tuesday as market participants booked profits because of concerns about the weak monsoon.
The Sensex, which had gained 750.77 points in the last three sessions, fell by 93.25 points at 15,830.98, after touching 16,000 in the early part of the day. The key index had surged to a 14-month high yesterday.
Similarly, the 50-share National Stock Exchange index Nifty lost 30.90 points at 4,680.50 after touching the day's high of 4,731.45 and a low of 4,642.60 points.
Marketmen said funds and general investors were concerned that monsoon rain this year might be insufficient in sustaining farm output and that might reduce spending in rural areas.
They said the recent significant rise in share prices in last three session also attracted a slew of profit booking.
A weakening dollar against the rupee triggered selling in software exporting company stocks such as Infosys, Wipro and Patni Computers. Over 50 per cent revenue of information technology revenue comes from the US markets.
Selling pressure got reinvigorated on reports of Kotak Securities analysts indicating a 15-20 per cent correction in the markets.
In the 30 BSE stocks, 19 shares closed with losses while 11 settled higher. The major losers were Infosys, ONGC, Tata Power, RCom and ICICI Bank.