Indian benchmark indices Nifty 50 and Sensex ended the previous trade session in the red. Nifty closed at 23,532.70, while Sensex ended at 77,580.31. Nifty 50 has corrected more than 10% from the record high it hit in September 2024.

The Bears bandwagon has continued in the market for the seventh consecutive day. Among the key reasons for the decline are downgrades in major stocks for FY25, coupled with consistent foreign investor outflow,

Amar Ambani of YES Securities expects Nifty to settle between 22,200 to 23,000 on a closing basis. Value buying from domestic investors will emerge, followed by FII inflows, he said.

The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading around 23,500 level, a discount of nearly 100 points from the Nifty futures’ previous close.