Indian stocks declined, led by two-wheeler makers and utilities, as some investors judged the benchmark index’s advance to an eight-month high was overdone.
GAIL India and Power Grid Corp were the biggest decliners on the S&P BSE Sensex. NTPC, the biggest power producer, fell the most in two weeks. 
Bharti Airtel, the largest mobile-phone operator, slid for the first time in four days. 
Hero MotoCorp and Bajaj Auto, the largest motorcycle makers, dropped 1.6% each.
The Sensex slid 0.4%, or 111.89 points, to 27,166.87 at the close in Mumbai, ending a six-day, 3.3% climb. 
The rally sent the gauge’s seven-day relative strength index to 71 on Monday, a level some investors see as a signal to sell, and left 80% of the country’s top 100 companies trading above their 200-day moving average, the most since December 2014, according to data compiled by Bloomberg. 
“The decline is just consolidation and profit-booking by some investors,” Paras Bothra, a Mumbai-based vice president of equity research at Ashika Stock Broking, said by phone. 
“The market has shown great resilience after the Brexit vote. The mood is very positive. We’re advising clients to buy at every dip.”
GAIL India plunged 2.45%, the steepest drop since May 19. Power Grid tumbled the most since  February 29 and NTPC declined the most since June 23.
Bharti Airtel lost 2%. Hero MotoCorp fell for a second day and Bajaj Auto declined for a third day. 
Jaiprakash Associates jumped 27.97% after the builder of India’s only Formula One race track announced a higher valuation for the cement business it’s selling to Ultratech Cemen. 
A higher sale price will help Jaiprakash pare debt that more than doubled to $11.2bn in the five years through March 2015, before falling in the last fiscal, data compiled by Bloomberg show. 
Ultratech, the cement maker controlled by billionaire Kumar Mangalam Birla, decreased 1%.
The Sensex has advanced 4% this year and trades at 16.3 times projected 12-months profits, versus a five-year mean of 14.3 and a multiple of 11.9 for the MSCI Emerging Markets Index, data compiled by Bloomberg show.
The markets are closed for a public holiday today. 
Meanwhile the rupee, which opened at 67.35 a dollar and touched a high and a low of 67.32 and 67.51, closed at 67.46, down 0.28% from its previous close of 67.27.
Most Asian currencies fell, led by South Korea’s won, as investors bought the yen and other safe haven assets ahead of US payroll data.
South Korean won declined 0.73%, Malaysian ringgit 0.68%, Indonesian rupiah 0.59%, Philippines peso 0.44%, Singapore dollar 0.3%, Taiwan dollar 0.25%, Thai baht 0.23%, China offshore spot 0.21% and China renminbi 0.09%. However, Japanese yen added 0.74%.
So far this year, the rupee is down 1.96%, while foreign institutional investors (FIIs) have bought $2.92bn in equity and sold $1.86bn in debt markets.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 95.558, down 0.1% from its previous close of 95.649.