The S&P BSE Sensex lost 144.52 points, or 0.42 per cent, during today's session to close at 34,155.95, while the broader Nifty50 index of the National Stock Exchange shed 38.85 points, or 0.37 per cent, to end at 10,500.90 today, with 36 constituents ending in the red and 14 in the green. In the Nifty50 pack, 36 finished in the red and 14 stocks in the green.
Key stock indices closed on a weak note today, weighed down by state-owned lenders, after RBI put in place stricter norms for loan restructuring and PNB reported a huge fraud at one of its bank branches. This development triggered a fall in most other banking stocks, with the Nifty Bank index slipping around 5%. On the other hand, broader markets like BSE midcap and smallcap indices brought up modest gains.
The Nifty50 today once again failed to capitalise on the strong opening to end up forming a 'Bearish Engulfing' candle on the daily chart. The index failed to cross the 50-DMA and in the last one hour, wiped out the entire gains made in the last session. It has been facing a hurdle at its 50-day EMA for last six sessions. Now if the Nifty50 goes below 10,480, then weakness could continue till 10,400 level and then 10,333, while on the upside, immediate hurdles are seen at 10,550 and then 10,600 levels.