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Taking Stock: Sensex down 441 points, Nifty slips below 15k; banks, metals top drags

The market fell for the second consecutive day on March 5 amid weak global cues, with the Sensex closing 440.76 points, or 0.87 percent, lower at 50,405.32 and the Nifty ending 142.70 points, or 0.95 percent, down at 14,938.10. “The markets have had yet another day in the red. However, it has not broken the medium-term support range of 14,700-14,800. If we break that, we could travel south to levels closer to 14,400-14,500. If we bounce from these levels, we would need to get past the 15,300 level to move to higher targets of 15,500-15,600. Until then, the Nifty is going to be range-bound and choppy,” said Manish Hathiramani, proprietary index trader and technical analyst at Deen Dayal Investments. All the sectoral indices ended in the red. The Nifty PSU bank index shed 4 percent and the metal index slipped 2.7 percent. The Nifty auto, IT and pharma indices were down a percent each. Mid and smallcaps indices underperformed the main indices, with a loss of 1.5-2 percent. IndusInd Bank, Tata Motors, Wipro, UPL and Hindalco Industries were among top losers on the Nifty. Gainers included ONGC, GAIL, Maruti Suzuki, Kotak Mahindra Bank and Hero MotoCorp. Stocks & sectors On the BSE, the metal index fell 2 percent, while other indices fell 1 percent each. However, oil and gas index ended with marginal gains. A volume spike of more than 100 percent was seen in Sun TV Network, Mahanagar Gas and Wipro. Long buildup was seen in UltraTech Cement, Kotak Mahindra

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