D-Street indices hit 5-month low as FPI sale season continues
The Sensex and Nifty have dropped 10% from peaks on September 27, resulting in the indices entering the technical corrective phase. When an index falls 10% from its peak in a short span, it's considered a correction. A 20% decline makes it a bear phase.
On Wednesday, the NSE Nifty fell 324.4 points to close at 23,559.05. The BSE Sensex shed 984.23 points to end at 77,690.95. Both indices have slid around 3% in the past five days. Analysts said if the Nifty slides below 23,500 — a key support — there's a likelihood that it will drop past 23,000.
Shares worth Rs 2,502.6 crore sold
«The weak earnings this quarter is the major dampener of investor sentiment, amplified by the unrelenting foreign selling,» said Siddhartha Khemka, head of retail research, Motilal Oswal Financial Services.
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