The FTSE 100 Index reached another record high today before a slide for Tullow Oil and other commodity stocks left the market lower.

The top flight set an intra day record of 6974.3 after China's central bank cut interest rates for the second time in three months in a move raising hopes for a lift in global demand.

But London's FTSE 100 finished 6 points lower at 6940.6 after a drop in Brent crude prices and an 8% slide for Tullow Oil amid expectations that it will be relegated from the index at a quarterly reshuffle on Wednesday.

Royal Dutch Shell was down 46p at 2159.5p, BHP Billiton was 21p lower at 1595.5p and Tullow fell 30p and 357.3p.

The market had earlier risen on the decision by Chinese policymakers, but as the session wore on investors weighed this move alongside Friday's disappointing US GDP figures, when growth in the fourth quarter was revised down to 2.2% from an earlier estimate of 2.6%.

The pound was down against the euro, at 1.37, as inflation in the 19-bloc eurozone fell by less than anticipated. Sterling was also down against the US dollar, at 1.54.

Barclays was on the front foot as shares recovered from weakness seen on Friday to rally by 5.85p to 262.75p ahead of annual results on Tuesday.

Testing services firm Intertek was the biggest riser in the FTSE 100 after it increased its full-year dividend by 6.7% and said it expects growth rates to improve this year, despite tough conditions in the oil and gas sector.

Shares surged more than 1% or 32p to 2562p.

Marks & Spencer is to close five stores in China and shrink its Shanghai head office as part of a strategic shake-up that will leave the retailer with 10 stores in the region. Shares lifted 5.5p to 510p.

Shares in engineering conglomerate Smiths Group improved 15p to 1170p after a broker's note from Deutsche Bank said the firm's recent share price weakness looked to be unwarranted.

It said that although the business has been impacted by management departures and a lack of portfolio activity, it has a record of margin resilience and free cash flow generation.

Outside the top flight, shares in chocolate retailer Thorntons fell by more than 5% after it failed to pay an interim dividend for the fourth year in a row.

Profits before tax and exceptional items fell to £6.5 million for the 28 weeks to January 10 as sales dipped 8.2% to £128.2 million.

Shares fell 4p to 69p after chief executive Jonathan Hart told investors: "The difficult trading conditions in our UK commercial channel have persisted into the second half."

The biggest risers on the FTSE 100 Index were Royal Bank of Scotland up 11.1p at 378.3p, Hargreaves Lansdown up 30p at 1160p, Barclays up 5.85p at 262.75p and British Land up 16.5p and 845p.

The biggest fallers on the FTSE 100 Index were Tullow Oil down 30p at 357.3p, Shire down 115p at 5160p, Royal Dutch Shell down 46p at 2159.5p and Aggreko down 28p at 1680p.