Weekly Action
Nifty, -9.4%; Sensex, -9.2%; Nifty Midcap, -10.8%; Nifty Smallcap, -13.2%; and Model Portfolio, -10.6%.
Market Pulse: Downtrend
Weekly Market Review
Before we discuss the historic dramatic move of today’s session, let us first reiterate how the week went.
On Monday, after floundering for most of the day, markets recovered mildly in the last hour to close with still heavy losses on higher volume. Nifty pierced August 2019 lows and made a fresh 52-week low. Brent crude price has declined sharply to less than $35 per barrel with Russia and Saudi Arabia preferring volume over value strategy.