During the afternoon traded Nifty and the Sensex both gave up crucial 17,000 and 57,000 as the indices slipped briefly to day’s lows of 16,997.85 and 56,984.01, both slipping more than 3.5 per cent on a single day.
“Markets have been correcting in the last few days on the back of fears of interest rate hikes across the developed economies plus the ongoing tapering of stimulus.
He said Nasdaq has corrected by around 14 percent which has taken the sheen away from very good IT numbers & guidance locally.
Sentiments were so fragile that traders paid no heed toward RBI’s data showing that the country’s foreign exchange reserves grew by $2.229 billion to $634.965 billion in the week ended January 14,” said Narendra Solanki, Head- Equity Research , Anand Rathi Shares & Stock Brokers on market performance.