New Delhi: The markets ended weak for the fifth consecutive session with the BSE benchmark index settling 102 points or 0.7% lower at 14,544 levels.
The Sensex touched a low of 14,368 levels in intra-day deals before buying helped it recover some of the lost ground. In broader markets, the Nifty shed 25 points to close at 4,368 levels.
“The outlook is still negative as majority of the technical indicators are still giving a negative trend. Due to over sold situation, the intensity of the fall will be less but a fall below 4,300 levels for the Nifty can cause some panic in the market,” said Alex Mathew, Head, Research Centre, Geojit Financial Services Limited.
In other Asian markets, the Nikkei average lost over 2% to touch a one-month low as exporters skidded after concerns about the health of the US financial system re-emerged. The benchmark Nikkei closed 300 points lower at 12,865 levels.
Back home, consumer durable counters were among the worst hit with Videocon Industries, Titan Industries, Rajesh Exports and Gitanjali Gems slipping over 1% each.
Profit booking was also visible in technology counters. Aptech Limited (down 3.7%), Satyam Computer (3.2%), HCL Technologies (2%), i-Flex Solutions (1.4%) and Infosys Technologies (0.5%) were some of the key losers in this pack.