Mumbai, Oct. 23: Holidays proved to be the party-pooper on the bourses today.

After a modest beginning to the Samvat 2063, the sensex today lost 114 points, while all the sectoral indices ended in the red. Continued profit booking throughout the day saw the 30-share bellwether index languishing, though it started the day slightly higher at 12,757.31 against yesterday’s close of 12,736.82.

“High volatility marked the trading session ahead of the Thursday derivatives settlement, when the positions have to be squared off or rolled over,” said a dealer.

The market will remain closed on Tuesday and Wednesday on account of local holidays.

“While most of the corporate houses are showing good numbers, there is a feeling that the markets have run up too fast and is thus witnessing a bout of normal profit booking,” said Avinash Gorakshakar, head of research, Emkay Stock Brokers.

“The markets may witness a further correction of about 200 to 250 points on Thursday. And once the F& settlements are all clear and fresh rollover starts, the markets should consolidate,” he said.

According to market watchers, while investors are bullish on particular companies, the indices on a whole appears expensive based on fiscal 2007 and also 2008 earnings estimates.

“However, unless some major cues come post the earnings season, the market is expected to remain range bound,” said a portfolio manager.

“Positive cues shall come in from big brokerage houses upgrading the earnings estimates based on better corporate figures this quarter. Also, FII inflows shall be a determining factor for markets as it would drive liquidity on the bourses,” said Gorakshakar.