Fag-end selling in domestic equity market resulted in the BSE Sensex crashing by 429.58 points, or 1.27 per cent, to close at 33,317.20 today, whereas the NSE index Nifty50 plunged by 109.60 points, or 1.06 per cent, to end at 10,249.25 today, a fresh 2018 low. As many as 102 stocks including Canara Bank, Gitanjali Gems, Lupin and Tata Motors hit fresh 52-week lows on NSE today. Of the 50 Nifty constituents, only 9 components managed to survive the heat wave as 41 settled in the red zone.
Bears came out of nowhere and wrought havoc during the last lap of today's trade. The intensity of the selloff can be gauged from the fact that Rs 2 lakh crore investor wealth was gone in a jiffy. The descent was alarming as it took a steady plunge from the day's high towards the close of the session. It seems investors were unnerved by media reports which suggested that probe agency SFIO has summoned bankers, including chiefs of ICICI Bank and Axis Bank, in a case relating to the Rs 5,000 crore loan extended to Mehul Choksi's Gitanjali Gems.
The Nifty50 today took its losing streak to the fifth consecutive session, breaking its decisive Support at 10,300 to confirm a downtrend. It opened in the positive, but failed to hold above its immediate hurdle at the 10,430 level and witnessed a sharp drop late in the day. It saw a correction of more than 200 points from its opening level and formed a bearish candle on the daily chart. The index formed a negative price pattern on the daily charts. Now, it can extend its weakness towards 10,200 and then 10,100-10,074 zone, while on the upside, hurdles are seen at 10,333 and then 10,430 levels.