Market benchmarks Sensex and Nifty closed in the red on March 30 as fears of recession kept investors away from riskier equities.

Sensex closed the day with a loss of 1,375 points, or 4.61 percent, at 28,440.32 while Nifty settled 379 points, or 4.38 percent, lower at 8,281.10.

The Nifty is back below 8,300 after two sessions, which suggests that bears may have regained their stranglehold.

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