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.

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.

This also comes at a time when the rupee hit an all-time low, though its drop was attributed to both volatile domestic equities and a strengthened US dollar

On January 8, strong backing from Reliance Industries prevented major indices from significant declines. Oil and gas stocks surged due to rising crude prices, while support from the IT sector and ITC share rebounds helped the indices recover to end the session flat.

Indian benchmark indices Nifty and Sensex staged a modest recovery on Wednesday, closing slightly in the negative as a rebound in IT stocks provided support. Gains in Reliance Industries lifted the oil and gas sector,