Taking Stock | Market extends losses; Sensex falls 671 points, Nifty ends around 17,400 On the sectoral front, the power index rose 1 percent, while banks, realty, capital goods and PSU Bank were down 1-2 percent

The market continued to witness a sell-off on March 10 as the equity benchmarks lost another 1 percent in the second consecutive session amid growing concern over an aggressive rate hike by the US Fed going ahead.

At close, the Sensex was down 671.15 points or 1.12 percent at 59,135.13, while the Nifty slipped 176.70 points or 1 percent to 17,412.90 However, for the week, both benchmarks lost 1 percent each.

On the back of weak global cues, the market started gap-down and extended the losses as the day progressed amid selling seen across the sectors, barring power.

"The global market's cautious attitude towards the probability of a sharper rate hike was exacerbated by further negative signs from the US market. Selling intensified as the market awaited the release of US unemployment and non-farm payroll data, which will have a significant impact on the upcoming Fed meeting," said Vinod Nair, Head of Research at Geojit Financial Services "However, higher-than-expected jobless claims in the US that came in yesterday helped alleviate some concerns about the Fed becoming stricter," Nair added.

Also Read: Freaky Friday sends Sensex down 800 points, Nifty below 200-DMA

Stocks and sectors

 day SMA (Simple Moving Average) which is broadly negative. Below the same, it could retest the level of 40,000-39,800.

Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas

The Nifty opened on a weak note today and consolidated thereafter for the most part of the day to close with a cut of nearly 177 points. On the daily charts, we can observe that the Nifty has closed well off the lows it witnessed post-opening. It is currently trading around the 200-day moving average (17,434) which is attracting value buying. This could lead to volatility as both the Bulls and Bears would try to defend and break that average.

Broadly, the index has shifted its range lower to 17,800 – 17,200 for a short-term perspective. Despite the sharp fall, the daily momentum indicator still has a positive crossover which suggests that this dip should be bought into.

Until Nifty breaches this range decisively on either side, the rangebound action is likely to continue and we might see sector rotation and stock-specific action.

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