Early on D-Street | Nifty vulnerable for more downsides unless it closes above 11,950

Indian market witnessed a volatile session on Wednesday where the majority of the selling pressure was seen in the second half. Selling pressure at higher levels pushed the index below 11900-11850 on a closing basis.

The final tally on D-Street – the S&P BSE Sensex fell 229 points to 40,116 while the Nifty50 closed 73 points lower at 11,840 on Wednesday.

In terms of sectors, the action was seen in Energy, as well as Consumer Durable stocks, while losses were seen in the Metal index, followed by Infra, realty, and Banks.

The Nifty Bank snapped its 4-day gaining streak to closed nearly 600 points down at 30,541, weighed down by losses in ICICI Bank as well as HDFC.

Data suggests that the country’s top ten lenders reported slippages of over Rs 1 lakh crore in the first half of the current financial year, indicating that the worst is not over yet in terms of stress in asset quality.

The rupee nosedived 62 paise to hit an over two-month low of 72.09 to the US dollar on November 13 as poor macro data and lingering worries over US-China trade war weighed on sentiment.