Mumbai, Sep 22: The Indian stock market continued its dip on Tuesday, in line with the global markets as resurgence in coronavirus cases have increased possibilities of fresh lockdown restrictions across Europe, including the UK.
The across-the-board sell off in the Indian market was led by oil and gas, energy, auto, banking and finance stocks.
“Sensex and Nifty continued to be in correction mode by closing down by 300 points and 97 points, respectively, due to a spike in covid cases in Europe,” Keshav Lahoti, Associate Equity Analyst, Angel Broking Ltd, said.
BSE Sensex closed at 37,734.08, lower by 300.06 points, or 0.79 per cent, from the previous close of 38,034.14.
It had opened at 38,200.71 and touched an intra-day high of 38,209.97 and a low of 37,531.14 points.
The Nifty50 on the National Stock Exchange was trading at 11,153.65, lower by 96.90 points, or 0.86 per cent, from its previous close.
Manish Hathiramani, technical analyst with Deen Dayal Investments, said: “The markets are weak and we should see more downside in the coming days. Nifty could go down to 10,950-11,000 and if we don’t halt there, we could fall further to test 10,800. The resistance on the upside is 10,600-10,650 and till we do not cross that, a sell on every rise would be the appropriate strategy to adopt.”
The small and midcap indices also witnessed a selloff on Tuesday. The BSE MidCap index closed 1.70 per cent lower and the BSE SmallCap was down 1.61 per cent.