Indian stock market falls for the second consecutive day

The Indian stock market fell for the second consecutive day on October 3, with the Sensex index down 286 points and the Nifty index below 19,450. This is the lowest level for both indices in more than a month.

The sell-off was broad-based, with all sectors except IT and FMCG ending in the red. The biggest losers were Axis Bank, SBI, IndusInd Bank, NTPC, and UltraTech Cement.

Analysts said the sell-off was due to a number of factors, including a strong US dollar and rising bond yields, concerns about further rate hikes by the US Federal Reserve and profit-booking after the recent rally in the Indian stock market.

However, analysts also said that the Nifty index has formed a bullish candlestick pattern, which suggests possible relief rally in the coming days.

For day traders, the key support level to watch is 19,380. If the Nifty index falls below this level, the selling pressure is likely to accelerate, and the index could slip to 19,330-19,300.

On the other hand, if the index holds above 19,380, it could see a pullback rally to 19,500-19,550.