Market erases all gains, Nifty falls below 23,300
At close, the Sensex was down 422.59 points or 0.54% at 77,155.79, while the Nifty fell 168.60 points or 0.72% at 23,349.90.
The key Indian equity indices traded on a positive note on Monday morning with the BSE Sensex rising over 200 points.
Healthy buying was witnessed in banking and finance stocks.
Around 10.15 a.m., Sensex was trading at 54,491.21, higher by 213.49 points or 0.39 per cent from its previous close of 54,277.72
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It opened at 54,385.71 and has so far touched an intra-day high of 54,584.73 and a low of 54,336.86 points.
The Nifty50 on the National Stock Exchange was trading at 16,289.05, higher by 50.85 points or 0.31 per cent from its previous close.
The top gainers on the Sensex were Bajaj Finserv, Mahindra & Mahindra and Titan Company, while the major losers were Reliance Industries, ONGC and HCL Technologies.
Manish Hathiramani, technical analyst with Deen Dayal Investments: “The Nifty has opened smartly and is trading above the 16,300 level. We need to keep above this level for the markets to scale up higher to 16,500-16,600 which is the next target for the index.”
“The support for the week has been updated to 16,050-16,100 and as long as this does not break on a closing basis, the trend is positive and intra-day dips can be utilized to accumulate long positions.”
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