The Nifty 50 index needs to sustain above the 23,800 level and thereafter, the significant 200 period MA of 23,920 level to improve the bias, says expert.

AM(IST)on Thursday in a weak market. Kotak Mahindra Bank Ltd.(up 0.73 per cent) and Au Small Finance Bank Ltd.(up 0.51 per cent) were among the top gainers. HDFC Bank Ltd.(down 1.5 per cent), State Bank of India(down 1.

The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 23,721 level, a discount of nearly 60 points from the Nifty futures’ previous close.

HDFC Bank Ltd shares were down 1.56 per cent at Rs 1,722 after the Q3 update. December was the third consequent quarter of sequential corporate loan decline as the banks continued to choose profitability over balance sheet growth.

The BSE Sensex and Nifty50, India’s key equity benchmarks, opened lower on Thursday. The BSE Sensex traded below the 78,000 mark, while the Nifty50 was under 23,650. At 10 am, the Sensex dropped by 235.