Market witnesses bloodbath as Nifty falls 10 per cent from peak

The Sensex had shed 984 points, or 1.3 per cent, settling at 77,690, while the Nifty declined 324 points, or 1.4 per cent, to 23,559

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Benchmark indices closed deep in the red on Wednesday, marking their fifth consecutive day of losses. This was riding on the inflation concerns and sell-off in metal stocks.

The Nifty index dropped nearly 10 per cent from its all-time high of around 26,277.35, reached on 27 September. This marks the fifth consecutive day of losses, as inflation concerns and a selloff in metal and realty stocks weighed heavily on sentiment.

At the close, the Sensex had shed 984 points, or 1.3 per cent, settling at 77,690, while the Nifty declined 324 points, or 1.4 per cent, to 23,559.

Nifty Financial Services, Nifty Pharma, and Nifty Oil and Gas also declined by over 1.5 per cent each. Nifty IT and Nifty FMCG fell the least, down 0.5 per cent each.