Mumbai, March 10 (IANS) Indian equity markets saw a volatile trading session on Monday as benchmark indices erased early gains and ended in the negative territory.The late sell-off was triggered by weak cues from US stock futures, where the Dow Jones futures slipped 400 points and Nasdaq futures declined over 1 per cent amid uncertainties related to Trump-era tariffs.
The Sensex had a strong start, surging to an intra-day high of 74,741, gaining 407 points. However, as selling pressure intensified in the final hours, the index tumbled over 700 points from its peak to touch a low of 74,022.
Eventually, the Sensex settled at 74,115, down 217 points or 0.3 per cent.
Similarly, the Nifty saw fluctuations, reaching a high of 22,677 before slipping to a low of 22,429.
By the end of the intra-day trading session, the index closed at 22,460, registering a loss of 92 points or 0.4 per cent.
“Technically, on the daily chart, Nifty formed a shooting star candlestick pattern near the bearish gap hurdle of 22,668-22,720,” said Hrishikesh Yedve of Asit C. Mehta Investment Interrmediates Ltd.
He added that this suggests 22,720 will act as an immediate hurdle for Nifty, followed by the previous breakdown point of 22,800.
“On the downside, the 9-Day Simple Moving Average (9-DSMA) is placed near 22,370, serving as immediate support,” Yedve stated.
He mentioned that until the index sustains above the 22,800 hurdle, traders are advised to buy near support and book profits around the resistance zones mentioned above.
The market witnessed heavy selling pressure, with more than 2,700 stocks declining on the BSE, compared to just over 1,100 advancing stocks.
Among the major losers in the Nifty were Reliance Industries (NSE:RELI), IndusInd Bank (NSE:INBK), Trent (NSE:TREN), ONGC (NSE:ONGC), Eicher Motors (NSE:EICH), and Bajaj Auto (NSE:BAJA).
On the other hand, Power Grid (NSE:PGRD) Corporation, Hindustan Unilever (NSE:HLL) (HUL), Infosys (NSE:INFY), SBI Life (NSE:SBIL), and Nestle (NSE:NEST) India managed to post gains.
Midcap and smallcap stocks also faced significant pressure. The BSE Midcap index dropped by 1.5 per cent, while the Smallcap index fell by 2.1 per cent.
Sector-wise, most indices ended in the negative territory, except for FMCG, which showed some resilience.
Sectors such as auto, consumer durables, metal, capital goods, oil & gas, realty, and PSU banks witnessed declines ranging between 1-2 per cent.
--IANS
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