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The market continues to decline and Sensex and Nifty closed on a decline for the fifth consecutive day. Sensex and Nifty declined for the fifth consecutive session amid FII selling, poor second quarter results and global uncertainties. Apart from Nifty FMCG and Nifty Healthcare, the rest of the 11 sectoral indices remained in the red. Talking about the decline since September 27, Sensex has seen a decline of 6500 points and Nifty has seen a correction of 2100 points.
This week, heavy selling has been seen in midcap, smallcap index. This was the worst week for Nifty Midcap and Smallcap index since December 2022. In the sell-off that has happened in the last one month, midcap, smallcap have seen a decline of up to 50 percent.
BSE Midcap fell by 1.5 percent and Smallcap index by 2.4 percent. Both the indices have come down by 9 percent and 10 percent from their all-time high. India VIX or Volatility Index rose more than 6 percent to around 15. Will the market fall further? Rohit Srivastava of Indiacharts.com said on CNBC-TV18 that Nifty Bank has 2,000 points left to fall before it stabilizes. Nifty Bank has already fallen 1,000 points in Friday's trading session and has come below the 50,500 mark. Srivastava said he expects Nifty Bank to stabilise at 48,500 level during this downtrend, which means the index is likely to fall another 2,000 points from the current level.
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