Following global peers, the domestic indices fell prey to fresh fears and went home with nearly 0.5 per cent cuts. The BSE Sensex closed 162.35 points, or 0.47 per cent, down at 34,184.04 today, while the Nifty50 failed to hold on to the crucial 10,500 level to end 61.45 points, or 0.58 per cent, lower at 10,492.85 today. Among the 50 stocks in the Nifty50 index, 21 closed the day in the green, while 29 stocks declined.
Indian equity market fell for a second straight session today, taking cues from weak global markets and dismal domestic PMI data, amid continued selling in bank, metal and capital goods stocks. Earlier in the day, a data showed that manufacturing sector growth eased slightly in February as factory output and new business orders rose at a slower pace. The market participants will now be looking forward to the Gross Domestic Product (GDP) data to be released later in the day today.
The Nifty50 today settled almost at the same level as its opening level, thus forming a Doji on the daily chart. The chart pattern suggests indecisiveness among the market participants. The index is sustaining below its 20-day and 50-day SMAs, which signals a bearish bias for the near term. The index has to cross and hold above its immediate hurdle at 10,550 to witness a bounce towards its major hurdle at 10,620. Going below 10,500 could extend Nifty's decline towards its next support at 10,430 and 10,400 levels.