Market continues to fall, Sensex down 400 points

Mumbai, Feb 22 The key Indian equity indices continued its downward trend on Monday with the BSE Sensex losing around 400 points.

Around 10.20 a.m., Sensex was trading at 50,491.24, lower by 398.52 points or 0.78 per cent from its previous close of 50,889.76.

It opened at 50,910.51 and has so far touched recorded an intra-day high of 50,986.03 and a low of 50,395.48 points.

The Nifty50 on the National Stock Exchange was trading at 14,879.95, lower by 101.80 points or 0.68 per cent from its previous close.

Manish Hathiramani, Technical Analyst with Deen Dayal Investments said: "15,100-15,150 was a short-term support that the index broke last week. We saw a quick slide of almost 200 points thereafter. Our next support is at 14,800 and this would be a medium-term support for the markets."

"If we need to continue the bull streak, we should not break this level. If we do, the Nifty could slide to 14,400," he added.

The domestic stock market has been of late on a decline tracking global cues, rising bond yields in the US and profit booking by the investors.

Heavy selling pressure was witnessed in FMCG, capital goods, banking and finance stocks among others. Metal stocks however witnessed healthy buying activity.

The top gainers on the Sensex were Tata Steel, ONGC and HDFC Bank, while the major losers were L&T, M&M and NTPC.