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Nifty on Wednesday ended 460 points lower to form a red candle on the daily chart with a decisive break below the 20-day moving average of 21,629. Both price and momentum indicators are pointing toward weakness.
The prospect of the BJP's potential re-election is generating positive expectations for sustained Capex contributing to the increased attractiveness of PSU stocks.
Top losers on the Nifty included Divis Laboratories, HCL Technologies, Wipro, NTPC and SBI Life Insurance, while gainers included BPCL, Tata Steel, Titan Company, ITC and Maruti Suzuki.
ITI Ltd, Capri Global, Newgen Software, Vaishali Pharma and Rane Eng Valve, hit their fresh 52-week highs during the day.
The Nifty Pharma index closed 1.14 per cent down at 17320.15.