The Indian stock market was in the red on March 15, with the Sensex down around 759.11 points, or 1.49 percent, at 50,032.97 and the Nifty slipping 215.20 points, or 1.43 percent, to 14815.80 at around 11.30 am.
Globally, investors are concerned about the prospects of rising inflation due to excess liquidity and rising bond yields.
The sector which dragged the most was the Bank Nifty, which shed over 2 percent. The top losers included Federal Bank, Axis Bank and Bandhan Bank, which were down over 4 percent each followed by IDFC First Bank, ICICI Bank, State Bank of India and RBL Bank.
HDFC Bank along with HDFC, ICICI Bank and Bajaj Finance were the top negative contributors.
Also read: Sensex, Nifty slip a percent each; 5 factors behind the market fall
The Nifty has broken its support at 14,850 and there is a possibility of it slipping to 14,500 level, say experts.
The Bank Nifty saw selling pressure from the high level. Overall, it gyrated in the 35,100-36,500 range and gained 0.6 percent. However, short created on March 12 outpaced the long of the week, leading to selling pressure, said Shubham Agarwal, CEO & Head of Research at Quantsapp.
“The Nifty had strong and good support at 14,850. Any decisive break below this can show some more pressure towards 14,500 on an immediate basis. The strong hurdle is still at 15,250 and only above that level we may see some stability,” said Rohit Singre, Senior Technical Analyst at LKP Securities.
Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments said the index was close to nudging the lower end of the range— which is 14,750-14,800.
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