Taking Stock: Volatile Thursday! Sensex, Nifty, Nifty Bank @3-yr low

Nifty formed a small bullish candle on the daily charts

What a day it has been for Indian markets. A ray of hope when Sensex turned green but bears hammered benchmark indices below their crucial support levels. The Nifty50 closed below 8,300 while the S&P BSE Sensex closed below 29,000.

The S&P BSE Sensex, Nifty50, and Nifty Bank hit a fresh 3-year low amid the volatility seen in markets. The Nifty Midcap index closed at a 4-year low while India VIX jumped to a 12-year high.

Let’s look at the final tally on D-Street – the S&P BSE Sensex dropped 581 points to 28,288 while the Nifty50 plunged 205 points to close at 8,263 on Thursday.

Benchmark indices witnessed some intraday recovery after Nifty hit a panic low of 7,832 while the Sensex bounced back from 27,714 levels.

Sectorally, selling pressure was seen in metals, capital goods, auto, energy, public sector, as well as, oil & gas stocks. Some respite was seen in the telecom space as the S&P BSE Telecom index closed in the green.

The Nifty Auto index hit a 6-year low, FMCG plunged to a 3-year low, while the metal Index at a 4-yr low. The Nifty Smallcap Index slipped 224 points to close at a 6-year low, said a CNBC-TV18 report.