By Abhishek Vishnoi
MUMBAI (Reuters) - The BSE Sensex and Nifty fell for a second consecutive session on Monday, retreating from record highs hit on Friday, weighed down by profit-taking in blue chips such as Larsen & Toubro
Investors also remained wary ahead of the U.S. Federal Reserve's two-day meet starting Tuesday, coming at a time of continued tensions between Russia and the West over Ukraine.
Although hopes for a recovery in the economy and that the Bharatiya Janata Party led by Narendra Modi will win elections continue to support shares, upcoming earnings results could keep trading volatile.
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"Indian markets would continue to gain. Focus would be Modi and his track record first and earnings later," said Samir Arora, founder & fund manager at Helios Capital from Singapore.
The Nifty lost 0.32 percent, or 21.50 points, at 6,761.25, marking its lowest close since April 16 and retreating from a record high of 6,869.85 hit on Friday.
The Sensex fell 0.25 percent, or 56.46 points, to 22,631.61, its lowest close since April 17, and below its all-time high of 22,939.31 hit on Friday.
Recent outperforming blue chips retreated, with Larsen & Toubro ending down 1.6 percent after gaining 4.7 over the previous two weeks. Housing Development Finance Corporation Ltd
ACC Ltd
Bharti Airtel Ltd
However, among stocks that gained, Fulford India Ltd
Agrichemicals and pesticides firm UPL Ltd
(Editing by Subhranshu Sahu)