The 30-share Sensex closed 300.16 points, or 0.88 per cent, down at 33,746.78 today, while the Nifty50 index shed 99.50 points, or 0.95 per cent, to close at 10,358.85 today. Only eight out of 50 stocks in the Nifty50 index managed to settle in the green.
Continued selling by foreign investors amid global trade war fears hit domestic stock market, as benchmark indices Sensex and Nifty50 fell for the fourth straight day today. Metal stocks bore the brunt of US President Donald Trump's plans of imposing 25 per cent import tariff on steel and 10 per cent on aluminium with the Nifty Metal index slipping 3.7 per cent in intra-day deals. Market sentiment also took a hit after India's Service activity contracted in February for the first time since November.
The Nifty50 index opened in the negative and continued its weakness for the fourth consecutive session today. The Nifty50 formed a Bearish Belt Hold candle and saw the lowest daily close in 51 sessions since December 18, 2017. During the last four-day 223-point drop, the index slipped below its 100-day moving average. As long as the Nifty50 remains below the 10,430 level, weakness could continue and take it towards the recent swing low of 10,276 and the 200-SMA placed at around 10,140. On the upside, hurdles are seen at 10,430 and then 10,525 levels.