BSE Sensex after rising over 224 points in early trade, fell back to trade 63.52 points, or 0.26 per cent, to 24,299.53 in the late afternoon trade. The Sensex had rallied over 548 points in the past three sessions after Narendra Modi-led BJP received a clear mandate in the Lok Sabha elections.
The NSE 50-share Nifty also slipped by 15.85 points, or 0.21 per cent, to 7,247.70 after rising to 7,353.65 in early trade.
The key indices - BSE and Nifty hit lifetime highs of 25,375.63 and 7563.50 points on Friday.
Stocks of oil and gas, PSUs, banking and auto after remaining buyers' fancy in the past few sessions, succumbed to profit-booking, dragging the Sensex down.
Brokers said market has turned volatile and participants are preferring to book profits at every rise and buying pace also slowed down to some extent.
They said a lower opening on the European markets also influenced the trading sentiments.