The markets ended the day in negative turf on the back of weak global cues with the benchmark index slipping 336 points to 16,907 by close of trading session. In broader markets, the Nifty ended at 5,025 levels, down 92 points.
“Nifty should take support at 4,975-4,950 levels. If it closes below this level, a fall of another 250 points is possible going forward,” said a technical analyst with Religare Securities.
The weak sentiment in Indian bourses was attributed to a sharp surge in oil prices that breezed past $135 a barrel mark in Asian trading. A weak rupee also accentuated the fall.
Back home, Reliance Infra, State Bank of India, Tata Motors, Reliance Communication and ICICI Bank were the top losers that skidded over 3%. Jaiprakash Associates, Larsen & Toubro, Mahindra & Mahindra, ITC Limited and DLF Limited were some of the other key losers.
Among sectoral indices, the banking index, BANKEX, was the worst hit that slipped 3.1 by close%. Yes Bank, Punjab National Bank, Federal Bank, Canara Bank, Axis Bank and Bank of Baroda are the top losers in this space besides ICICI Bank and HDFC Bank.