The Nifty50 index settled 18.00 points, or 0.17 per cent, down at 10,360.40 today, while the 30-share Sensex closed 71.07 points, or 0.21 per cent, down at 33,703.59 today. Among the 50 stocks in the Nifty50 index, 27 settled in the green, while 22 in the red. One stock remained unchanged.
Benchmark equity indices Nifty50 and Sensex extended their losses for a third consecutive session today, bogged down by the ripple effect of Punjab National Bank's Rs 11,400 crore loan fraud and sudden spike in India's 10-year bond yields. Although markets registered a positive opening today, it erased the entire gains of the day during the final hour of the trade, mainly due to profit booking in bank and financial stocks. Weak Asian cues too dampened the mood.
The Nifty50 index continued its weakness for the third consecutive session and there was sustained selling pressure on every bounceback. The 50-pack today failed to surpass its immediate resistance at 10,435 in intraday trade and ended below its 100-day moving average. In the process, the index formed an Inside Bar pattern on the daily chart, but continued to form lower highs for the third session. As long as the Nifty50 remains below 10,450, weakness could extend towards 10,300 and then the recent swing low of 10,276, while hurdles are seen shifting lower to 10,430 and 10,480 levels.