The stock market bore witness to steep declines on Monday as benchmark indices closed below key levels. The Nifty settled below the 21,650 mark after hitting days high of 21,831.70 in early trade. Initial optimism gave way to rampant selling, primarily driven by a surge in exchange margin requirements, particularly impacting mid and small cap positions. Notable declines were observed in PSU banks, although the pharma and IT sectors managed to weather the storm.
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