Sensex down 350 pts from day's high, Nifty at 23K: Weak global cues among key factors behind market paring gains

1) Weak global cues: Asian markets were down, with South Korea's Kospi falling up to 4 percent and Shanghai's SSE Composite index declining 1.5 percent. Japan's Nikkei 225 dropped more than 2 percent. Wall Street futures fell up to 1 percent. US stock futures fell for a second day after another round of disappointing tech earnings accelerated a rotation out of the sector, amid signs that America’s tech giants' core businesses are slowing as they pour money into artificial intelligence.

US equities ended lower on Thursday as investors reassessed the scale of spending on artificial intelligence by major technology companies, while fresh inflation data reinforced concerns over persistent price pressures. 2) Rise in crude oil prices: Brent crude rose 2 percent to about $117 a barrel on worries the US may resume military strikes against Iran, risking fresh turbulence in the region and hurting energy flows.

3) Profit booking: Investors also booked profits at higher levels after the sharp gains in early trade, contributing to the benchmark indices paring their advances. Both benchmarks gained over 1% each in the previous session, after strong quarterly results from ​key constituents and as the US Federal Reserve held interest rates steady ​as expected. 4) FII selling: Foreign institutional investors snapped their two-day buying streak, selling equities worth Rs 944 crore on Thursday.

5) Earnings jitter: Coal India declined 2.5 percent after missing quarterly profit view as rising ⁠costs overpowered ​strong demand. Paradeep Phosphates tumbled ​11 percent and Thyrocare Technologies dropped 6 percent after they reported a sharp slide in their September quarter ​profits. Analysts at SBI Securities said, "The zone of 22900 - 22920 for Nifty will act as a crucial support for the index, while the resistance lies in the zone of 23210 - 23230. On the downside, if the index slips below the level of 22900, then the next support is placed in the zone of 22730 - 22750."