Stock Market Today, Jan. 28 -- Markets saw a steep correction on the first day of the new week as benchmark Nifty-50 Index and S&P BSE Sensex at 22,817.90 and 22,817.9, respectively, ended 1.19% and 1.08% lower. Not only did the Nifty Bank index end 0.62% lower at 48,064.65, but most of the indices led by IT, metals and Pharma ended in the red. The broader markets also saw corrections of up to 4%.

We believe that the current market texture is weak and volatile. For the Nifty and Sensex, 23,000 and 76300 levels, respectively, will be key to watch. As long as they trade below this threshold, weak sentiment will likely continue, said Shrikant Chouhan, Head of Equity Research at Kotak Securities.

Bank Nifty found support near the recent swi...