Equity indices fall, Sensex down 300 points

The key Indian equity indices continued to decline on Thursday morning with the BSE Sensex losing over 300 points.

Selling pressure was witnessed in banking, finance and IT stocks.

Around 10.05 a.m., Sensex was trading at 47,076.02, lower by 333.91 points or 0.70 per cent from its previous close of 47,409.93.

It opened at 46,834.57 and has so far touched intra-day high of 47,172.02 and a low of 46,821.21 points.

The Nifty50 on the National Stock Exchange was trading at 13,873.10, lower by 94.40 points or 0.68 per cent from its previous close.

Manish Hathiramani, technical analyst with Deen Dayal Investments said that 14,200-14,250 was a key support and the fall thereafter has happened on the back of very high volumes.

“We could slide further to test 13,600. If we are unable to hold that level, we could fall more towards 13,100-13,200. As of right now, any up move can be utilised to short the Nifty. The resistance on the upside is at 14,400-14,500,” he said.