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This day of the week proved to be very disappointing for the Indian stock market. Coming under the pressure of all-round selling, both the main indices of the domestic stock market closed with heavy losses. Bombay Stock Exchange (BSE) sensitive index Sensex closed in the red today with a huge fall of 543 points. A weak trend was visible in the market since morning, which deepened as time passed. Due to mixed signals from global markets and profit-booking at the domestic level, investors sold heavily, due to which the market could not recover.

Nifty broke important support level

Along with the Sensex, a big fall was also recorded in the National Stock Exchange (NSE) index Nifty. Nifty fell by about 1.10 percent in today’s trading and closed at the level of 23,383. Market analysts believe that Nifty falling below 23,400 is indicating weakness in the coming days. There came a time during today’s trading session when the market tried to recover, but due to not being able to hold on to the upper levels, selling pressure prevailed and the market closed near the day’s lows.

Chaos in PSU bank and FMCG sectors

The biggest shock to the market today came from public sector banks (PSU Banks) and fast-moving consumer goods (FMCG) sectors. Investors sold heavily in both these sectors today. The biggest decline was seen in the PSU Bank Index today, which spoiled the sentiment of the entire banking sector. Apart from this, heavy selling was also seen in the leading stocks of FMCG sector, due to which the market was left with no chance to make gains. Auto and realty sectors also did not remain untouched by this downward trend and there too business was in the red.

These big stocks caused big losses

Talking about the main stocks which fell in today’s business, many heavyweight stocks of Nifty and Sensex crashed. Investors have suffered a major blow due to profit booking being dominant in this period of selling. However, even in this declining environment, minor buying was seen in some selected IT and pharma stocks, but it was not enough to handle the market. Experts say that due to global economic uncertainties and sluggish triggers at the local level, this volatility in the market may continue further, hence retail investors need to act very cautiously at this time.