Markets Closing: Sensex Cracks Over 650 Points, Nifty Ends Below 22,750

Within the Nifty index, several prominent companies, including Hindalco, Power Grid, Divi's Laboratories, Bajaj Auto, Cipla were among the top gainers. On the other hand, HDFC Life, SBI Life, Tata Consumer, BPCL and Tech Mahindra were among the top losers.
Markets Closing

Markets Closing (Image Source: iStockphoto)

On Wednesday, Sensex cracked 667.55 points to end at 74,502.90, meanwhile Nifty fell 183.45 points to end at 22,704.70.
Within the Nifty index, several prominent companies, including Hindalco, Power Grid, Divi's Laboratories, Bajaj Auto, Cipla were among the top gainers. On the other hand, HDFC Life, SBI Life, Tata Consumer, BPCL and Tech Mahindra were among the top losers.
Domestic Institutional Investors (DIIs) and Foreign Institutional Investors (FIIs) purchased equities amounting to Rs 3,231.67 crore and Rs 65.57 crore respectively on the previous trading day, as indicated by exchange data.
Rupak De, Senior Technical Analyst, LKP Securities said, "Bears remained in control, leading to a sharp fall in Nifty. During the day, heavy call writing activities were seen at the 23,000 and 22,800 strikes, while put writing activities were visible at the 22,800 and 22,700 strikes. The option data suggests that Nifty might expire around 22,800. On the other hand, a fall below 22,700 might trigger additional selling pressure in the market. Immediate resistance is placed at 22,800."
"The Bank Nifty index has demonstrated a clear shift in sentiment by opening below its support level at 49,000 and trading beneath it. It closed near its 21-day EMA at 48,400. If Bank Nifty fails to maintain above the 21-day EMA, further selling pressure may drive it down to 48,000. Consequently, 48,400 now serves as the support level for Bank Nifty, with 49,000 acting as the new resistance level," added De
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