Nifty50 closed 28.30 points, or 0.27 per cent, down to end at 10,554.30 today, while the 30-share Sensex settled 99.36 points, or 0.29 per cent, down to close at 34,346.39 today. Among the 50 stocks in the Nifty50 index, 23 closed the day in the green, while 27 stocks declined. Broader BSE Midcap and Smallcap indices underperformed the benchmark Sensex.
Snapping a two-day winning streak, benchmark equity indices Nifty50 and Sensex closed today's session in the negative territory, bogged down by sustained selling in PSU bank, financial and metal stocks amid weak Asian cues. Markets remained volatile, tracking mixed global cues ahead of US Federal Reserve's chair Jerome Powell's first congressional testimony. Domestic investors remained cautious ahead of the release of key macro numbers such as GDP growth numbers for December quarter as well as fiscal deficit and manufacturing data.
The Nifty50's 10,600-10,630 trading range has been causing some discomfort for some time now. Every time the bulls attempt to break past this level, the bears come down hard on them. Today's was the fifth such instance in the last one month when the index got stuck in this range, before giving in. The Nifty opened positive, but failed to hold gains and corrected towards 10,537 levels. The index formed a bearish candle similar to a 'Dark Cloud Cover' on the daily scale. Now, it has to surpass its immediate hurdle of 10,620-10,630 zones to extend its bounce towards 10,720. Else, some profit booking could be seen towards immediate support of 10,500 and then 10,430 levels.