Sensex, Nifty consolidate; Smallcap tanks 3%, PSU Bank up 1%

The market continued to be under pressure amid consolidation despite positive trend in European peers. The Sensex fell 76.39 points to 24378.65 and the Nifty declined 21.85 points to 7415.95.

The broader markets saw major fall compared to benchmarks. The BSE Midcap was down 1.4 percent and Smallcap tanked 2.7 percent.

The market breadth remained pathetic as about six shares declined for every share advancing on the Bombay Stock Exchange.

Nifty PSU Bank index outperformed market, up more than 1 percent supported by Syndicate Bank, Bank of Baroda, Oriental Bank of Commerce, Allahabad Bank, Indian Overseas Bank and SBI that rallied 1-3 percent.

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Posted in: Indian Market Tips