The 30-share BSE Sensex benchmark, after scaling a high of 34,278.63 in early deals, slipped into the negative zone to touch 34,015.79, before settling at 34,046.94 today, down 137.10 points, or 0.40 per cent. The 50-issue NSE Nifty too lost 34.50 points, or 0.33 per cent, to close at 10,458.35 after shuttling between 10,525.50 and 10,447.15. Among the 50 stocks in the Nifty50 index, 18 closed the day in the green, while 32 stocks declined.
Weak global cues outweighed encouraging December quarter GDP data on Thursday, and dragged our markets downfor a third straight session. The widening of India's fiscal deficit too hit the sentiment. In the global markets, Asian stocks skidded on Thursday after comments from the US Federal Reserve's new chief rekindled fears about the pace of US monetary tightening this year, sending Wall Street tumbling for its worst performance in two years and lifting the dollar.
The Nifty50 index continued its weakness for the third consecutive session and corrected towards the 10,450 level on Thursday. The index has been making lower highs and lower lows for last two sessions, and there has been sustained selling at every small bounceback. The index formed an inverted candle on the daily chart, which indicated that the bears are putting pressure at higher levels. As long as it remains below 10,525 level, weakness could continue till 10,430 and then 10,380 and 10,350 levels, while on the upside, hurdles are seen at 10,550 and then 10,660 levels.