While Sensex kicked off on a positive note in early morning traded, it shredded its gains to sink almost 100 points down.

At 11:12 am, Sensex traded 74.31 down at 28,389.00. NSE Nifty traded 31.35 points down at 8,578.50

BSE Sensex fell by 56 points in early trade today as funds and retail investors booked profits after recent gains amid a weak trend overseas.

The 30-share index, which had gained 530.41 points in previous three sessions, fell by 56.51 points, or 0.19 per cent, to 28,406.80.

Profit booking in stocks of IT, banking, teck, consumer durables, power and capital goods sectors negatively impacted trading sentiments.

The National Stock Exchange index Nifty slipped below the 8,600-mark by falling 33.25 points, or 0.39 per cent, to 8,576.80.

Brokers said besides profit booking by retail investors and funds after three sessions of gains, a mixed trend in global markets led to decline in domestic stocks.

Apart from that, a cautious stance by participants ahead of the quarterly earnings by several bluechip companies including Infosys and RIL, to be released this week, influenced sentiments, they said.

Among other Asian markets, the Hong Kong market was down 0.23 per cent, while China’s Shanghai Composite index shed 0.43 per cent. Financial markets in Japan are closed today for public holiday.

The US Dow Jones Industrial Average ended 0.19 per cent lower on Friday.

Traders will be eyeing the monsoon session of Parliament, which begins on Tuesday and will shape the sentient on reforms.

Marketmen will be getting some encouragement with Railway Minister Suresh Prabhu’s statement that the Indian economy will register an increased growth by 2-3 percent if the country’s railway network is pumped with a massive investment to boost the connectivity.