Toronto stocks gave up ground Tuesday, falling back after Monday’s rally. Investors indulged in profit taking ahead of this week’s Thanksgiving holiday in the United States.

The TSE 300 composite slipped 41.54 points to 7,381.21.

Overall, 10 of the TSE’s 14 sub-indices fell, as strengthening oil and gas prices helped push oil and gas stocks up 3.1%.

The industrial index, home of the TSE’s tech stocks, fell 2.78%, following Monday’s 4% surge.

Market momentum was flat. Advances and declines were neck and neck 529 to 532. Market volume was heavy at 202 million shares.

Nortel Networks, the heaviest-traded issue, dropped 53¢ to $12.90 on volume of 19.4 million shares.

Electronics giant Celestica fell 7.2% to $62.55, while Research in Motion Ltd. shed 5.5% to $35.63.

The day’s number two issue was Telus Corp., which gained 1¢ on an unusually heavy volume of 14 million shares. There was no word from the company to explain the trading activity.

Among energy issues, Canadian Natural Resources advanced $1.69 to $38.59, while Penn West Petroleum added $1.80 to $35.50.

Royal Bank of Canada fell 22¢ to $48.58. The bank reported fourth-quarter profit rose to $656 million from $595 million a year ago.

National Bank shares climbed 34¢ to $26.90.

Canada’s venture capital stocks bucked Tuesday’s downtrend. The CDNX Index closed up 13.36 points at 3, 064.65. Trading was active on a volume of 34.7 million shares, with 207 advances and 217 declines.

On Wall Street, stocks closed lower as investors locked in profits ahead of U.S. Thanksgiving. Blue chips fared better than techs today.

The tech-laden Nasdaq composite index fell 53.91 points, or 2.8%, to 1,880.51. The Dow Jones industrial average dropped 75.08 points to 9,901.38, while the broader market S&P 500 slipped 8.40 points to 1,142.66.