Nifty50 finds it tough to breach 10,300 after hitting intra-day high

The benchmark indices came off sharply from their intra-day highs for a second day in a row. The Nifty50 and the Sensex hit an intra-day high of 10,291 and 34,811, respectively, but settled nearly 2.4 per cent lower at 10,047 and 33,957. Market players said the Nifty has run into technical resistance of 10,300, which happens to be its 100-day moving average (DMA).

“The level of 10,300 acted as a major barrier. The market slumped mainly due to sudden weakness in global markets and a surge in the Dollar Index. Worldwide investors are turning cautious on equity as the past