For the second day in a row, the Indian equity market, amid sustained selling pressure from the Foreign Institutional Investors (FIIs), slipped deep into the red. The Nifty50 index closed at its lowest level in over a month. At close, the Nifty 50 was at 24,837, down 225.10 points or 0.90%, while the Sensex closed at the levels of 81,463.09, down by 721.08 points or 0.88%. 

All the major sectoral indices, barring pharma and healthcare, ended in red. The Nifty media index led the losses sinking over 2.5 percent, while Nifty IT, Metal, PSU Banks, Auto and Realty indices were also down by nearly 1% each.

Experts suggest that the primary reason for the fall is the continuous selling pressure by the Foreign Institutional Investors (FIIs) in both equity and F & O markets. Other contributing factors include the delay in the India-US deal, muted Q1 earnings, particularly in finance and IT sectors. 

On the technical front, Nifty has broken the support levels of 24,900 and for the first time in several sessions has closed below the 50 day exponential moving average (50 EMA), indicating further downside risk

If the Nifty fails to reclaim 24,900 in the next couple of sessions, bulls may face heightened short-term pressure. On the downside, immediate support lies at 24,700, followed by 24,500, while resistance is now seen near the 25,000 mark.