Mumbai The Indian stock markets finished Wednesday down after seven straight days of advances as investors booked profits in a variety of industries.

The Sensex closed at 77,288.50, down 728.69 points, or 0.93 percent. The index ranged from an intra-day high of 78,167.87 to a low of 77,194.22 throughout the session.

Additionally, the Nifty fell, ending the day 181 points down at 23,486.85, down 0.77 percent. Before falling to a low of 23,451.70, the index had reached an intra-day high of 23,736.50.

Rupak De of LKP Securities said, “The Nifty index has fallen below the near-term moving average on the smaller time frame.” Support is set around 23,300 on the bottom end, where the present slide may continue.

But any decline below 23,300 might cast doubt on the recent strong surge from 21,964. The attitude may improve if it rises over the resistance level of 23,550, according to De.

All 26 equities in the BSE Sensex finished down, with losses as high as 3.45%, with the exception of IndusInd Bank, Power Grid Corp, Titan Company, and Mahindra & Mahindra.

The Nifty Midcap100 index closed 0.62 percent down while the Nifty Smallcap100 index fell 1.07 percent, reflecting declines in mid- and small-cap companies as well.

Every sectoral index, with the exception of Nifty Auto, had a decline at the finish, indicating a widespread sell-off. Nifty PSU Bank, IT, Financial Services, Healthcare, Real Estate, and Oil & Gas all had declines of more than 1%.

Nifty Auto did, however, record a meager 0.02 percent rise. Profit booking during the recent market boom, when investors decided to cash in on their profits, was the main cause of the decrease.

Analysts think that despite the decline, the long-term market picture is still favorable due to solid economic fundamentals and rising corporate profitability.

Driven by foreign capital inflows and increased confidence about improved domestic macroeconomic circumstances, the Nifty and Sensex have gained 5.7% during the previous seven days, turning positive for the year.