Mumbai:The Indian stock market witnessed a bloodbath on Thursday, in line with the global selloff, with the BSE Sensex losing 1,100 points.
Post Thursday’s selloff, Sensex lost 2,292 points in the last four sessions. This was the sixth consecutive session of loss for the Indian indices.
This was the biggest single day fall for the BSE Sensex in four months and the biggest losing streak (6 sessions) in seven months.
The Nifty50 on the National Stock Exchange (NSE) fell well below the psychological 11,000 mark.
The recent bear run has been due to resurgence in coronavirus cases across the world, largely in Europe and anticipation of fresh lockdown restrictions across several countries in the continent including the UK and France.
The BSE Sensex closed at 36,553.60, lower by 1,114.82 points, or 2.96 per cent, from the previous close of 37,668.42.
It had opened at 37,282.18 and touched an intra-day high of 37,304.26 or a low of 36,495.98 points.
The Nifty50 closed at 10,805.55, lower by 326.30 points or 2.93 per cent from its previous close.
Manish Hathiramani, technical analyst, Deen Dayal Investments, said: “The support level of 10,900-10,950 has been disrespected during today’s trading session. We have also pierced 10,882 which was made on August 3, 2020. This opens a new target of 10750. Any bounce can be utilised to short the Nifty for this target.”
Among the sectors, auto, banking, metal and IT indices lost the most.