India’s benchmark stock indices closed lower for the second day in a row on Monday after swinging between gains and losses, led by declines in Bajaj Finance Ltd., Mahindra & Mahindra Ltd., and Larsen & Toubro Ltd.

The auto sector dragged, whereas I.T. shares advanced in trade.

The S&P BSE Sensex closed down 140 points, or 0.21%, at 65,655.15, while the NSE Nifty 50 fell 38 points, or 0.19%, to end at 19,694.00.

“The levels near the 19,800–19,850 zone are a tough hurdle that needs to be breached to establish some conviction and proceed further for the next higher targets of 20,000–20,200 levels. The further support is seen at 19,600, while the resistance is seen at 19,850,” according to Vaishali Parekh, vice president of technical research at Prabhudas Lilladher Pvt.

“With the October peak in the vicinity, expect sideways moves. Dips are likely to be limited to 19,600 to 19,570, keeping intact the prospects of an extended push towards a record peak. Meanwhile, a push above 19,765 to 19,740 could spark a few upswings, but they are likely to be challenged on the approach to 19,800,” said Anand James, chief market strategist at Geojit Financial Services.

The Nifty Smallcap 250 Index rose 0.57% to hit an all-time high of 13,051.25 intraday, whereas the Nifty Midcap 150 was volatile after scaling a record high at 15,654.40. Nifty Pharma also hit a life-high by rising 0.93% to 15,950.80 intraday.