Spiralling lower for the fifth straight session, the Sensex plummeted 1,145 points or 2.25 per cent to close at 49,744.32. The broader NSE Nifty sank 306.05 points or 2.04 per cent to finish at 14,675.70.
"The market failed to show resilience to stay above the Nifty 50 Index level of 14,750. While it is subject to further price action evolution, the technical factors shifted today to support a further correction in the future," said Ashis Biswas, Head of Technical Research at CapitalVia Global Research Limited.
Biswas further said any corrective wave down should find support around 14,500-14,300.
"Traders are refraining from building a new buying position until we witness a correction till 14,300-14,500 level. The volatility is observed to expand in today's trading session indicating profit booking and stock distribution at a higher market level," he noted.
Sector-wise, BSE energy, realty, IT, teck, auto and capital goods indices skidded up to 2.92 per cent, while metal and basic materials ended with gains.
Broader BSE midcap and smallcap indices fell up to 1.34 per cent.
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