Sensex falls 953 points to 57,145, Nifty ends above 17,000 mark

Benchmark indices fell for the fourth straight session on Monday, in line with weak global equities amid foreign fund outflows. Sensex lost 953.70 points or 1.64 per cent to 57,145 at the end of the day. The Nifty fell 311.05 points or 1.80 per cent to close at 17,016. Mid-cap and small-cap indices on the BSE fell 718 points and 959 points. Banking, auto, and metal shares fell 1,037 points, 1,157 points and 841 points, respectively, with their BSE indices falling 1,037 points, 1,157 points and 841 points.

The market's breadth was negative with 611 stocks ending higher against 2,980 stocks falling on the BSE, while 116 shares were unchanged.

Here's a look at what analysts said about the direction the market is going to take today.

The momentum indicator is in bearish crossover and falling. The trend for the short-term looks negative, but further selling pressure may be seen only below 17,950, where the 200 DMA is currently placed. The street suspects that the Fed is moving so aggressively on rate hikes that could cause a recession. The inflation that stock markets are facing is the biggest problem. In the medium term, investors await RBI MPC's move on rate-hike decision this Friday, which will determine the trend in the medium term. The biggest support for Nifty will be 16,907 and there is a chance that the index will bounce to 17,451 and then to 17,727 mark. The weakness is expected to continue for the next 1 -- 2 sessions, because of the short-term trend of Nifty. The lower support area of 16,800 is expected to provide a base for the market in the short term.