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Indian benchmark indices BSE Sensex and Nifty ended with minor declines on Tuesday dragged by IT and bank stocks. While the 30-stock BSE Sensex finished at 78,472.87, falling by 67.30 points or 0.09%, the broader Nifty50 finished at 23,727.65, declining by 25.80 points or 0.11%. Domestic markets were closed today (Wednesday, December 25) on account of the Christmas holiday.Commenting on the day's action, analyst Rupak De, Senior Technical Analyst at LKP Securities said that Nifty closed below the 200-DMA on Tuesday for the first time in three days, confirming a short-term bearish trend. "It remained mostly range bound throughout the day before closing flat. The RSI is in a bearish crossover and continues to decline, reinforcing the negative outlook. On the downside, support is placed at the 23,500-23,400 zone, while resistance is seen at 23,860," De said.
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The Indian market closed flat on Tuesday with a negative bias. The BSE Sensex fell 83 points while the Nifty50 managed to close above 23,700 levels.
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Indian equity trading has been volatile with a negative bias for quite some time. Over the last 10 trading sessions, the benchmark index, Sensex, has lost more than 3,000 points. From its 52-week high, the Sensex has dropped by 8.5%, while the BSE500 index has fallen by approximately 9%. However, within the BSE500 index, there are seven stocks that have experienced a decline of more than 50% from their 52-week high. Take a look. (Data Source: ACE Equity)
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