The Nifty fell over 250 points from day’s high to close below 17400. It made an outside bar with the close being lower than the open and ended near the lowest point of the day.

The Nifty Bank fell over 600 points from day’s high to close below 37000. The banking gauge closed near the 4 day support around 36900 – 37000.

The Nifty Small & Midcap declined over 1 percent each from day’s high to snap their 4 day gaining streak. The Midcap gauge outperformed 3rd day in a row & closed near its 50-day moving average.

All sector indices fell at least a percent each from their day’s high except Nifty Pharma while all sectors declined except Nifty IT. Among other sector highlights – Nifty PSU Bank & Media made bearish dark cloud cover pattern, Nifty Energy faced resistance at 100-day moving average, Nifty Infra made bearish engulfing near its 50-day moving average resistance. The India VIX index snapped its 4 day losing streak. Nifty PSU Bank & Energy snapped their 4 day gaining streak while Nifty Realty posted the worst day in a week.

Foreign investors sold Indian equities worth Rs 2743 crore in the cash segment on a provisional basis and sold Rs 1853 crore in the futures & options segment. They decreased the net long in index futures at 63 percent vs 67 percent on the previous day. That’s below the December average of 70 percent. Domestic institutions bought Indian equities worth Rs 1351 crore in the cash market.