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The market continued to see relentless selling pressure between October 1 and 5, with the Nifty falling 5.6 percent to close a tad above 10,300 levels. The surprise move on rates by Reserve Bank of India's (RBI's) Monetary Policy Committee (MPC), the consistent fall in the rupee and crude volatility attributed to the selling pressure.
The Nifty 50 closed at a six-month low on October 5, making a large bearish candle on the daily as well as weekly charts.
Experts said the sharp fall in the last few sessions indicated that there could be a relief rally in the coming week, but if it corrects further it could break the psychological 10,000 level as well.
After opening lower at 10,514.10, the Nifty 50 gradually extended losses as the day progressed to fall below 10,300 and hit an intraday low of 10,261.90 in late trade. The index closed 282.80 points down at 10,316.50.
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