A morning walk down Dalal Street | Index has room for more weakness, short Nifty for target of 11,250

Bears took control of D-street in the last one hour of trade and pushed the Nifty50 below crucial support levels on Tuesday.

It was a roller coaster ride for investors as Nifty which started trading with a gap on the upside failed to hold onto the gains and closed the day with losses of over 100 points while Sensex plunged by more than 300 points. 

The S&P BSE Sensex finally closed 323 points lower at 38,276 while the Nifty50 was down by 100.35 points to end at 11497.

Investors lost more than Rs 1 lakh crore in terms of market capitalisation in a single session. The average market capitalisation of BSE listed companies fell from Rs 150.37 lakh crore on May 6, to Rs 149.11 lakh crore on May 7 which translates into a fall of Rs 1.26 lakh crore.