The 30-share Sensex retreated 236.10 points, or 0.69 per cent, to close at 33,774.66 today, while the 50-share Nifty index settled 73.90 points, or 0.71 per cent, down at 10,378.40 today. India stock market continued to remain weak as benchmark equity indices BSE Sensex and NSE Nifty came off from their psychologically important 34,000 and 10,400 levels today. As many as 37 stocks in the Nifty index closed in the red.
The benchmark indices ended 0.7% lower today led by a steep fall in the key banking stocks. The Nifty PSU Bank index ended 2.5% down with Punjab National Bank, Union Bank of India and Syndicate Bank being the top losers. Global markets, however, have got back to the recovery path with Japan's Nikkei rising 1.33 per cent, while markets in Hong Kong and China still closed. European markets were higher in their early deals.
After sustained selling pressure for most part of the day, the Nifty50 respected the 10,300 level today as the index recovered half of the intraday losses right at the end of the first day of the F&O expiry week. The index formed a 'Bearish Belt Hold ' pattern on the daily chart. However, a close below 10,400 confirmed a bearish continuation chart pattern. The index is now placed below the 89-EMA for the first time in recent months, suggesting caution. The Nifty50 is expected to fall further and retest the 10,200-10,033 zone in the near future. Any bounce back towards 10,456-10,550 zone is likely to get sold into.