A morning walk down Dalal Street | Strong support for Nifty at 10550, VIX restricts upside in near term

Sensex plunged by over 300 points while the Nifty50 broke below crucial support levels of 100-DMA as well as 10,650 levels.

It looks like market participants have turned cautious ahead of the general election, the rise in crude oil prices and geopolitical concerns. Q3FY19 earnings too have been lackluster so far. 

Sectorally, the S&P BSE FMCG index slipped 1.3%, followed by the Energy index which was down 1.38 percent, and the Consumer Durable index saw a cut of 1.39 percent.

The S&P BSE Mid-cap index was down 1.04 percent while the S&P BSE Small-cap index dropped by 1.01 percent, underperforming the benchmark indices. 

The big carnage was seen in the broader market as more than 300 stocks on the NSE hit a fresh 52-week low which includes names like MRF, Dymatic Tech, BASF India, Solar Industries, Tata Elxsi, Steel Strips, Wheels India, Godrej Consumer, MCX, M&M etc. among others.