A morning walk down Dalal Street | Nifty can head towards 10,333 on break below 10,440

It was bright and sunny in the morning when Sensex rallied by nearly 200 points but bears soon took control and pushed the index lower in the second half.

Last one hour of selling broke the back of the bulls and pushed the Nifty50 below 10500 levels. Towards the close: The S&P BSE Sensex ended 345 points lower at 34,812 while the Nifty50 ended 103 points lower at 10,482. 

Sectors which hogged limelight or bucked the trend include Consumer Durable and IT while on the losing side auto, telecom, power, oil & gas were down 1-2 percent respectively.

Technically, Nifty formed a strong bearish candle on the charts. For Thursday, important support for the index is placed at 10440 and a break below this level could take the index towards 10333. 

India VIX move up sharply by 9.05 percent at 19.36 levels. The spurt in volatility after the decline of last two weeks suggests that bears are putting pressure at higher zones.