Sensex, Nifty erased gains with losses of over 1% each. What’s triggering the decline?

IndusInd Bank, Tata Motors, Mahindra & Mahindra (M&M), Infosys, State Bank of India (SBI), Axis Bank were among the top losers, pulling the indices down, while Tech Mahindra appointed Mohit Joshi as new chief jumped over 10% after being named. executive Officer.

US stocks fell sharply on Friday as investors analyzed mixed signals from the February jobs report amid ongoing concerns about a crisis in the banking sector. Silicon Valley Bank, European markets declined more than 1% after HSBC announced the acquisition of SVB UK.

nifty outlook

“As smelly Struggling to stop the slide aiming for 17255-17050 at least, a pull back above 17420 may indicate that Nifty is in a mood to ease the bearish vibes. And, once 17520 is cleared, 17800-18200 will come back on the radar. Alternatively, an inability to float above the 17420-520 band will attract rejection trades, with the potential for a huge decline towards 16500-200. While it is a possibility, we would not expect a complete collapse in this week,” said Anand James – Chief Market Strategist at Geojit Financial Services.

“Nifty fell as expected with a gap down on Friday but did not close at intraday low. Nifty closed 1.03% lower after positive week on weekly chart. Upgap support of 17328 has been tested repeatedly. Few more tests may yield results. That support is being breached. 17573-17672 could be difficult for Nifty in the near term. Important data points to watch in the coming week include India CPI on Monday, US CPI on Tuesday Including CPI and US retail sales on Wednesday. These could impact expectations on the interest rate trajectory and investors’ risk appetite, said Deepak Jasani, head of retail research at HDFC Securities.