A morning walk down Dalal Street | Sentiment likely to remain weak if Nifty remains below 10,880 levels

A terrible Tuesday for D-Street as Nifty turn negative for the year 2019 as Nifty closed below 10862 which was the level recorded on December 31.

Nifty Bank Turns Negative For 2019, all its constituents end in the red. Nifty Bank falls 723 points, biggest single-day fall in 2 months.

Sensex and Nifty50 slipped below crucial support levels. The S&P BSE Sensex suffered a loss of more than 640 points, below 37000 while Nifty50 also saw a cut of 185 points to close at 10,81L7.

The selloff in equities dragged the cumulative market capitalisation of BSE-listed firms to Rs 1,39,70,356.22 crore on September 17 from Rs 1,42,08,049.05 crore in the previous session, making investors poorer by Rs 2.38 lakh crore in a day. In the last two sessions, investors have lost about Rs 2.73 lakh crore.

The index managed to hold on to crucial support at 10800 levels on a closing basis which is a heartening sign. But, the fate of Indian markets could be decided by the outcome of the FOMC meeting as well as meeting of Saudi ministers later on Tuesday.