Sensex down 600 points and Nifty dips below 22,950
Business
The Sensex and Nifty took a hit on Wednesday morning, with the Sensex dropping 600 points from its high and the Nifty falling below 22,950.
Although both indices tried to bounce back a bit by midmorning, trading was still shaky, clearly showing investors were on edge.
Analysts say Nifty must breach 23,100
Most stocks were in the red, with more than twice as many falling as rising. A lot of this came down to investors cashing out profits after recent gains.
On top of that, rising crude oil prices (thanks to U.S.-Iran tensions) made things even tougher for the market.
Analysts say Nifty needs to break past 23,100 for things to look up again, so all eyes are on that level right now.