Toronto stocks closed lower on profit-taking as markets shook off a widely expected 25 basis point cut to interest rates by the U.S. Federal Reserve Board. It was the 11th rate cut of the year.

The TSE 300 composite index slipped 28.18 points to close at 7,531.63.

Nine of the TSE 300’s 14 sub-indexes closed lower led by a 1.39% decline in the oil and gas sector sub-index.

Husky Energy shares fell 80¢, or 4.9 percent, to $15.60, while Suncor Energy dropped 60¢, to $46.65.

The tech-heavy industrial products sub-index gained 1%, as tech bellwether Nortel Networks, the day’s most active stock, added 45¢ to $13.37.

Nortel rose as Finnish phone giant Nokia said it expected fourth quarter earnings to meet or exceed its forecast.

Celestica played follow the leader, adding $2.25 to close at $74.30.

Market momentum was negative in as declines bested advances 610 to 478. Market volume was moderate with 159.8 million shares changing hands.

Venture capital stocks closed flat as the S&P/CDNX composite index inched up just 0.47 of a point to close at 996.80. Trading was active on a volume of 30 million shares worth, with 193 advances, 237 declines.

On Wall Street, blue chips ended lower following a short-lived rally sparked by the Fed’s decision to cuts rates

The Dow Jones industrial average ended down 33.08 points to 9,888.37. The Nasdaq composite gained 9.81 points to 2,001.93, while the S&P 500 slipped 3.17 points to 1,136.76.