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Nifty 

* Nifty ended their week-long consolidation with a breakdown, shedding over a percent.

* FMCG and auto sectors inched higher, while IT and metal stocks underperformed.

* Markets are primarily tracking global cues and facing renewed pressure due to weakness in US markets.

* Additionally, the downturn in key sectors like banking and IT, which had previously shown resilience, has worsened the sentiment.

Bank Nifty

* The banking index opened the week with a downside gap, extending its losses for another session and closed with 0.67% cut.

* Major banking names like Hdfcbank, Icicibank, SBIN registered around a percent loss while Kotakbank, Axisbank managed to close in green.

* This decline signals a resumption of the negative trend following a brief consolidation phase, with the index likely to move towards the January low of 47,840, and offer a cushion at 100 WEMA i.e. around 47500 level.

* In case of rebound, 48900-49100 will act as immediate hurdles.

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