Nifty tanks nearly 4% on broader selloff

All the components in Nifty 50 index ended in the red.

The Nifty 50 index slumped 568.2 points or 3.76% to 14,529.15, tracking weak global cues.

The Nifty slipped below its 20-day simple moving average (SMA) placed at 14,956.84. The 50-day SMA is placed at 14,444.89, which will act as a near term support.

ONGC (down 6.64%), Mahindra & Mahindra (down 6.53%), Power Grid Corporation of India (down 6.46%), JSW Steel (down 6.35%), Hero MotoCorp (down 6.33%), GAIL (down 6.23%) and Bajaj Finserv (down 6.19%) were major losers in the Nifty 50 index.

In the broader market, Nifty Mid-Cap 100 (down 1.56%) and Nifty Small-Cap 100 (down 1.14%) declined.

Among sectoral indices, Nifty Financial Service (down 4.93%), Nifty Bank (down 4.78%), Nifty Private Bank (down 4.67), Nifty PSU Bank (down 3.97%), Nifty Auto (down 3.12%), Nifty Media (down 2.58%), Nifty Metal (down 2.7%), Nifty IT (down 2.3%), Nifty Realty (down 1.84%), Nifty Pharma (down 1.76%) and Nifty FMCG (down 1.69%) tumbled.

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