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Tokyo stocks sank after their three-session bull-run on Tuesday, suffering from overseas market falls and profit-taking.

The 225-issue Nikkei average lost 392.62 points, 1.30%, to close at 29,696.63. On Monday, the benchmark index surged 235.25 points to retake the 30,000 mark for the first time in over two weeks.

The Topix index of all first section issues finished 29.20 points, or 1.47%, lower at 1,954.34, after gaining 11.92 points the previous day.

Stocks jumped right after the opening bell, with sentiment brightened by the U.S. Dow Jones Industrial Average’s record-breaking advance Monday stemming in part from the Institute for Supply Management’s March U.S. nonmanufacturing purchasing managers’ index rewriting an all-time high.

But both the Nikkei and Topix indexes plunged into negative terrain later in the morning, as selling gathered steam in the wake of Dow futures’ downturn in off-hours trading.

The Shanghai market’s fall and accelerated selling to lock in gains from the latest rally also weighed on the market in the afternoon, forcing the Nikkei to give up over 400 points at one point.

“Amid a lack of fresh appetite stimulants, investors stepped up activities to secure profits from the three-session rally, where the Nikkei shot up more than 900 points,” said Maki Sawada, strategist at Nomura Securities Co.

“The next major market-moving events will be earnings announcements by U.S. and Japanese companies (starting next week),” Sawada noted. “Until then, economic indicators would give players cues.”

On the TSE first section, decliners far outnumbered gainers 1,897 to 248 while 45 issues were unchanged. Volume increased to 1.135 billion shares from Monday’s 972 million shares.

Oil stocks, including Inpex and Idemitsu, succumbed to selling spurred by a crude oil market slump

Subaru plunged 2.81%, after the automaker said it will partially suspend domestic production amid the ongoing global semiconductor shortage.

Among other losers were drug producer Astellas and chipmaking gear-maker Tokyo Electron.

On the other hand, Kobe Steel extended its winning streak to a third session, after revising up its operating profit estimate for the year that ended in March.

Movie distributor Toho and industrial robot-maker Yaskawa Electric also went up.

In index futures trading on the Osaka Exchange, the key June contract on the Nikkei average lost 380 points to end at 29,700.

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