Falling for a third straight day, the 30-share Sensex declined by 453.41 points, or -1.35 per cent, to close down at 33,149.35 today, while the 50-share NSE Nifty index settled 134.75 points, or -1.30 per cent, down at 10,226.55 today. As many as 39 stocks in the Nifty index closed in the red. However, the broader markets indices outperformed.
The domestic equity market painted a sorry picture today, as both Sensex and Nifty logged their biggest single-day fall in two months on the day of November F&O expiry, while investors also cut down on their bets ahead of the September quarter GDP data. Trading remained volatile throughout the day, as traders rolled over positions in the futures & options (F&O) segment from the near month November series to December series. The market went down steadily after the Apr-Oct fiscal deficit data, coming in at 96% of the budgeted target for FY18, unnerved investors.
The Nifty50 took a sharp cut today. For a good part of the week, the 10,240 level was providing a major support to the index. But it closed below that crucial support today. This may trigger further correction in the index. For the day, the index formed a Bearish Belt Hold pattern on the daily chart, where the opening is the highest point for the day. If it sustains below 10,300, then short-term weakness could be seen towards 10,178 and then its swing low of 10,094, while on the upside, immediate hurdles are seen at 10,250 level.