The Indian equity markets erased all their morning gains to settle in negative territory on Thursday, August 27, with the BSE Sensex seeing a sharp downturn at the fag end of the session on its first monthly expiry following the introduction of the closing auction session (CAS).At the close, the NSE Nifty50 was quoted at 24,090.85, down 116.90 points or 0.48%, while the BSE Sensex finished 539.35 points or 0.70% lower at 76,933.59.Broader markets remained under pressure too, as the Nifty Midcap 100 and Nifty Smallcap 100 indices settled lower by 0.10% and 0.13%, respectively.On the sectoral front, barring Nifty Pharma, Healthcare, Consumer Durables and select private banks, the other sectors settled lower, with Nifty PSU Bank being the top laggard, settling nearly 1% lower.Market breadth was in favour of the bears, as 2,160 out of 3,619 traded stocks on the NSE settled lower, while 1,341 managed to finish with gains. Meanwhile, 118 stocks remained unchanged on Thursday.ALSO READ: Up to 407% returns! 12 recently listed stocks turn multibaggers as Nifty IPO index hits 52-week highHere are today’s top gainers on the NiftyAgenciesHere are today’s top gainers on the SensexAgenciesHere are today’s top losers on the NiftyAgenciesHere are today’s top losers on the SensexAgenciesTechnical ViewFrom a technical point of view, the Nifty 50 index has slipped below the rising channel on the daily timeframe, indicating an increase in bearishness in the market. In addition, the index has fallen below the 50EMA, confirming a weakening trend. The daily RSI has also broken below its rising trendline, indicating further loss of momentum. According to Rupak De, Senior Technical Analyst at LKP Securities, further weakness could emerge in the near term, potentially dragging the Nifty towards 23,900 and lower. On the higher end, resistance, De said, is placed at 24,200/24,350.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)