It was a scary session for the market. The sell-off across sectors during the latter part of the day sent the Nifty well below 5500-mark for the first time since September 6, 2010. However, it closed above that level. The 50-share NSE Nifty closed at 5512.15, down 92.15 points or 1.64%. The 30-share BSE Sensex slipped 288.46 points or 1.54% to settle at 18,395.97.
So far the Nifty is still above that September break-out level, 5,400, but there are fears among the investors that this is not just a bull market correction, but runs very close to becoming an eight-nine months or one year kind of a bear market situation. How deep could be the downside? Ambareesh Baliga, Karvy Stock Broking sees further downside.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
