The BSE Sensex has plunged nearly 2.5% or over 400 points to a hit a new intraday low of 17,172. At 1510 hours, the broader Nifty index was down nearly 140 points at 5,230.
The Nifty, which has crucial support at 5,180 mark, might close below the 50-day moving average today. "Markets have been very volatile in the short term. If we close below 5,150-5,160, the medium term becomes negative and we may go down to 5,000-4,900 levels," Somil Mehta, Senior Technical Analyst (Equity) at Sharekhan told NDTV Profit.
Markets came under selling pressure near the day's end. Global markets also saw deep cuts. European indices were down and the Dow Futures saw a big discount.
All 14-sectoral indices on the BSE traded with deep losses. High beta realty (-4.4%) and metal (-3.5%) stocks led the declines. Banks (-3.5%), power (-3.7%), capital goods and consumer durables (-3.3%) indices also saw selloff.
Only two stocks - Coal India and Hero MotoCorp- traded higher on the 50-stock Nifty index.
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