Indian benchmark indices Nifty 50 and Sensex ended the previous trade session in the red. Nifty closed at 23,532.70, while Sensex ended at 77,580.31. Nifty 50 has corrected more than 10% from the record high it hit in September 2024.

The Bears bandwagon has continued in the market for the seventh consecutive day. Among the key reasons for the decline are downgrades in major stocks for FY25, coupled with consistent foreign investor outflow,

The market texture remains weak but oversold and 23500 for Nifty and 77400 for Sensex which is 200 day SMA (Simple Moving Average) would act as a sacrosanct support zone, said experts

At a time when the Nifty 50 has hit a 5-month low and is off 10% from its record high, the market yet again started the trading session of November 14 with minor cuts, even as the shares of Eicher Motors gained more than 6% in early trade.

Share prices of HDFC Bank Ltd., ICICI Bank Ltd., Axis Bank Ltd., State Bank Of India, and Tata Steel Ltd. contributed the most to the gains.

Amar Ambani of YES Securities expects Nifty to settle between 22,200 to 23,000 on a closing basis. Value buying from domestic investors will emerge, followed by FII inflows, he said.

The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading around 23,500 level, a discount of nearly 100 points from the Nifty futures’ previous close.