The markets managed to recover some of the lost ground by close with the benchmark index settling at 14,889 levels. The Sensex slipped to 14,645 levels in intra-day deals.
In broader markets, the Nifty shed 51 points end at 4,450 levels.
“The Sensex needs to maintain 14,677 levels so that the downward trend is restricted,” said Birendrakumar Singh, technical analyst, Religare Securities.
“The markets can move up if the Sensex trades convincingly above 15,200. On the upside, the immediate resistance is pegged at 15,380. On the downside, 14,970 – 14,850 may act as support,” noted a technical analyst with Angel Broking.
In other Asian markets, Nikkei-225 index slipped 1.15% while Hong Kong’s Hang Seng Index tumbled 3.48%.
Back home, technology scrips witnessed heavy selling pressure with the BSE IT index sliding 2.8% by close. Tech Mahindra at Rs738 levels was the key loser in this space that skidded 7%. Heavyweights – Infosys Technologies, Satyam Computer, Wipro and TCS also closed weak.
Profit booking was also visible in banking scrips with fears of a hike in interest rates. Canara Bank slipped 7% to Rs186. Federal Bank, Yes Bank, Bank of Baroda, HDFC Bank, Indian Overseas Bank and State Bank of India were some of the other top losers.
Most pharma counters, however, managed to stay float in an otherwise weak market. Ranbaxy Laboratories moved up for the second consecutive session to end at Rs561, up 6.5%.
Cadila Healthcare, Divi’s Laboratories, Glenmark Pharma, Orchid Chemicals, Dishman Pharma, Biocon and Aurobindo Pharma also ended in positive turf.