Market crash: Sensex sheds 3,100 pts as investors lose Rs 18 lakh cr in four sessions; what's next?

Sensex and Nifty extended losses for the fourth straight session on Wednesday amid negative global cues. Sensex tanked 3160 points in the last four sessions and Nifty lost 1016 points in three sessions as bears tightened grip on Dalal Street. 

Market cap of BSE-listed firms plunged by Rs 18 lakh crore in four sessions amid the war between US, Israel and Iran. 

In the current session, Nifty lost 385 pts to end at 24,480 and Sensex gave up the key 80,000 mark, falling 1122 points to 79,116 mark. 

As many as 53 stocks hit their 52-week highs today. On the other hand, 719 shares fell to their 52-week lows on BSE.

Midcaps and Small caps mirrored the benchmark indices pain, falling 2.16% and 2.11%, respectively. Market breadth stayed dismal for the third day, as BSE's advance-decline ratio stood at 0.32.

India VIX, the volatility index, of the Indian stock market surged 23.41% to 21.14 today against 17.13 on Monday. 

Nifty outlook 

Nandish Shah - Deputy Vice President, HDFC Securities said, "Short-term trend remains bearish, with Nifty below all key moving averages. Immediate support looms at 24,300–24,340; a decisive break could accelerate selling toward 23,900–24,100. On any rebound, the 24,600–24,800 range stands as a formidable overhead barrier."

Rupak De, Senior Technical Analyst at LKP Securities said, "Nifty continues to decline as rising crude oil prices have sent shockwaves among Indian investors. The index has remained below the rising trendline on the daily timeframe, indicating increasing pessimism in the market. The RSI continues to remain in a bearish crossover, confirming weak momentum. The immediate crucial support is placed at 24,200–24,000. On the higher side, resistance is seen at 24,700. In the short term, the trend suggests a sell-on-rise strategy."