The market was highly volatile throughout session and closed with moderate losses due to global correction amid fears of recession, on May 24. FMCG, IT, Metal and Pharma stocks were under pressure.
The BSE Sensex declined 236 points to 54,053, and the Nifty50 slipped 90 points to 16,125, forming bearish candle on the daily charts.
The broader space, too, caught in bear trap as the Nifty Midcap 100 and Smallcap 100 indices have fallen 0.65 percent and 1.26 percent respectively. The market breadth was also in favour of bears as about three shares declined for every share rising on the NSE.
The volatility increased sharply on Tuesday, indicating the trend is in favour of bears which is discomforting bulls. India VIX, which measures the expected volatility in the market, jumped 9.56 percent to 25.64 levels.