Indian equity markets closed significantly lower on Monday as sustained selling in banking and information technology shares weighed on investor sentiment.
The BSE Sensex dropped 876.37 points, or 1.17 per cent, to finish at 73,852.90. The NSE Nifty declined 257.20 points, or 1.11 per cent, to settle at 22,888.95, ending its two-session winning streak.
Market analysts observed that the Nifty formed a long bearish candlestick after facing selling pressure near the 38.2 per cent Fibonacci retracement level of 23,186, calculated between the August 3 high and October 8 low.
The index slipped below the crucial 23,000 mark, signalling continued weakness.
Analysts identified immediate support at 22,800–22,820, near the daily 20-day simple moving average (SMA).
A further decline below 22,650–22,700 could intensify selling pressure, they warned.
Traders were advised to monitor 22,800 as support and 23,000–23,186 as resistance, while reviewing long positions if the market weakened further towards 22,600.
Selling extended beyond the benchmark indices, with the Nifty Midcap 100 falling 1.09 per cent and the Nifty Smallcap 100 losing 1.01 per cent.
The Nifty Private Bank index recorded the steepest sectoral decline, while IT shares faced substantial pressure.
Among Sensex constituents, State Bank of India (SBI) and Adani Ports rose by more than 1 per cent each. Larsen & Toubro (L&T), IndiGo and Maruti Suzuki ended higher.
Axis Bank led the losers, followed by UltraTech Cement, Infosys, Bajaj Finance and Trent.
Persistent selling in heavyweight stocks erased the gains recorded over the previous two sessions, keeping investors cautious.
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