A morning walk down Dalal Street | Focus on last leg of Q3 earnings, WPI data

Supportive global cues and better than expected inflation data acted as a tailwind for Indian markets but bears took control of D-Street in the last half an hour of trade and pushed the index below crucial support levels.

The S&P BSE Sensex saw a sharp drop of over 100 points after rallying of over 200 points and closed just a shade above 36,000 while Nifty50 slipped below its crucial level of 10,800 levels. 

Positive global cues and on the domestic front, cool off seen in CPI inflation in January to 2.05% and pick-up in Industrial Production for December 2018 by 2.4% failed to create positive momentum in the market which suggests that the mood of the market is extremely negative at the moment.

Globally, most of the Asian & European indices traded on a positive note. 

On the sectoral front, IT and Realty ended in green while selling pressure was witnessed among all the sectoral indices such as auto, consumer durables, capital goods, oil & gas and power were among the laggards which dropped in the range of 1.1-2.1%.