The Indian stock market has shown a steady decline over the last seven trading sessions. The Sensex index fell from approximately 78,560 to 76,909.68 over six sessions. Similarly, the Nifty 50 decreased from around 24,600 to 24,078.30 over seven sessions.
According to a Reuters report, there has been a drop of approximately 2.1 percent over these seven sessions. This persistent trend is causing concern among both investors and experts. Some specialists note that the Nifty 50 has approached the 24,000 level, which could serve as a support level, but there is a risk of a sharper decline if the downward trend continues and this support level is broken.
Rurak De, a senior technical analyst at LKP Security, considers the 24,000 level extremely important for the Nifty. He warns that if a decisive fall below the 24,000 mark occurs, the short-term market trend could become bearish.
On August 19, all sectors faced strong pressure. Most stocks, with the exception of consumer goods, financial services, and IT sectors, traded with significant declines. Affected sectors included automotive, banking, FMCG, media, healthcare, and pharmaceuticals.