Nifty Below 10,000 Points For The First Time Since March 2018; Enters Bear Territory

With today's staggering fall of nearly 5 per cent on the Nifty, the benchmark indice has now entered bear territory, after a 20 per cent fall from peak levels. The index has now slipped to the lowest level since October 2017 and for the first time since March 2018, we are seeing the Nifty below the 10,000 points mark.

A 20 per cent fall from peak levels is often considered as bear territory. An interesting feature of today's trade was that there was not a single stock that was trading in the green from the Nifty. The biggest contributors to today's 500 points fall was Reliance Industries and HDFC Bank, both of which lost heavy ground.

The financial space saw some very big losers including the likes of PNB Housing Finance (down 10 per cent), IndusInd Bank (down 8 per cent), L&T Finance Holdings (down 7 per cent), REC (down 8%) etc.

No place to hide

There was absolutely no place to hide as far as investors were concerned. Several stocks plunged to 52-week lows, including the likes of IndusInd Bank, REC, IOC, ONGC, Oil India, Tata Motors, Vedanta and a host of others. The midcap index was trading at the lowest level since 2017. It is likely that the markets may continue to fall for the next few trading sessions, before some stability is restored. In fact, indices across the globe are trading significantly lower from peaks, with even the Dow Jones Industrial Average dropping into bear territory.

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