Mumbai, Dec 16 (IANS): Snapping a three-day uptick, the benchmark Sensex ended in the red on Monday after hitting a record high of 41,185 intraday. Markets ended lower over concerns of rising inflation, although further losses were capped as the global cues remained supportive.

The benchmark oil price index, Brent, also jumped to a three-month high to over 65 a dollar. The Sensex closed 71 points lower at 40,938.72. The Nifty settled at 12,060.70, lower by 26 points.

"WPI inflation advanced to 0.58 per cent in November from 0.16 per cent in October, driven by an increase in prices of food articles, which weakened market sentiments. We expect the markets to remain range-bound in the near-term," said Siddhartha Khemka, Head, Retail Research, Motilal Oswal Financial Services.

Analysts further expected the market to take a cue from the Finance Ministries pre-budget meetings with various industries which began on Monday. The GST Council meeting, which is scheduled for Wednesday, would also be a key event.