The Indian benchmark indices, Sensex and Nifty, closed in the red today. The Sensex ended the session at 75,366.17 falling by 824.29 points or 1.08%. Similarly, the Nifty closed at 22,817.30, down by 274.90 points or 1.19%.

The Nifty Bank also ended lower, closing at 48,018.45, down by 349.35 points or 0.72%.

As of the market close, ICICI Bank, M&M, Hindustan Unilever, SBI, and L&T were among the top gainers in the Sensex 30 pack. On the other hand, Tata Steel, IndusInd Bank, Infosys, Tata Motors, PowerGrid, Tech Mahindra, HCL Technologies, and Zomato were the biggest losers.

“Broad-based selling across sectors plummeted the Indian market amidst tepid earnings and weak sentiments across the globe. Mid and small caps remained in their downward trajectory over expensive valuations. FIIs are on a selling spree due to moderation in economic growth and INR depreciation. The weak sentiments were further exacerbated as the US trade confrontation continued, like with Colombia this time. Heightened volatility is here to stay this week ahead the upcoming events risk like the FOMC meeting, expiry week, and Union budget,” added Vinod Nair, Head of Research, Geojit Financial Services.

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The top gainers in the Nifty 50 today were Britannia, which rose by 1.50%, ICICI Bank with a 1.33% increase, M&M at 1.02%, Hindustan Unilever up by 0.97%, and SBI which saw a slight gain of 0.45%. On the flip side, the biggest losers included HCL Technologies, which fell by 4.59%, Tech Mahindra dropping by 4.18%, Wipro down by 3.78%, Hindalco losing 3.53%, and Shriram Finance with a decline of 3.22%.

“Today, the benchmark indices extended their losses, with the Nifty shed 275 points while the Sensex was down by 809 points. Among sectors, all major sectoral indices witnessed profit booking at higher levels, but the Capital Markets and Media indices lost the most, with Capital Markets down 5.6% and Media down 4.5%,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

“Technically, after a gap-down opening, the market consistently faced selling pressure at higher levels and formed a bearish candle on daily charts, closing below the 23,000/76300 mark, which is largely negative. We believe that the current market texture is weak and volatile; therefore, level-based trading would be the ideal strategy for day traders. The 23,000/76300 level will be key to watch, as long as it trades below this threshold, weak sentiment is likely to continue,” he noted.

The Nifty Midcap 50 index closed at 14,427.05, down by 399.95 points, a decline of 2.70%. Similarly, the Nifty Midcap 100 index ended the day at 51,795.90, falling by 1,467.05 points, or a drop of 2.75%. The Nifty Smallcap 50 index ended the day at 7,800.70, down by 314.80 points, or 3.88%.