Indian equity benchmarks BSE Sensex and NSE 50 ended Thursday's session in red. BSE Sensex closed down over 542 points to 59,806 and Nifty 50 ended at 17,590.

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After gaining for three straight sessions the market fell today and closed near day’s low as financial stocks remained under pressure.

Adani Enterprises, M&M, SBI Life Insurance, Reliance Industries and Adani Ports were among the top laggards on the Nifty 50.

The top gainers included Tata Steel, Larsen and Toubro, Bharti Airtel, Apollo Hospitals and Axis Bank.

Among sectoral index, FMCG, Realty, auto and IT closed down 1 percent each, while buying was seen in the metal and power index.

The market breadth favored declines, with the advance-decline ratio at 2:3. The BSE companies erased the market cap of nearly Rs 2 lakh crore. Overall, it was a bearish day for the Indian stock market, with investors witnessing a significant decline in the benchmark indices due to profit booking and global cues.

Santosh Meena, Head of Research, Swastika Investmart said "Indian equity markets ended a three-day winning streak and witnessed selling pressure. Global cues are not conducive, and we are lacking direction. Nifty has made a near-term bottom around the 17300 level, but 17800 is acting as a supply zone. We can say that Nifty has a trading range of 17400–17800 for the time being; however, any meaningful strength will come only above the 18000 mark. Banknifty is outperforming, but 41600–42000 is a critical supply zone. Only above the 42000 level can we expect any meaningful short covering. On the downside, the 20-DMA around 41000 is a key support level. If we exclude block deals, then FIIs are still in selling mode; however, in the F&O market, their short positions are still high, and any positive trigger may lead to a short-covering move. As of now, the interest rates in the USA are the key talking point; however, the market is also eyeing the Bank of Japan's policy.

The BSE midcap index shed 0.6 and smallcap index fell 0.2percent.

Also read: Stock Market Highlights: Sensex drops 550 points, Nifty 50 slides below 17,600 to end at day's low

First Published:Mar 9, 2023 3:38 PM IST