Sensex tanks nearly 600 points, Nifty dips below 11,000 led by finance and auto stocks

The key Indian equity indices continued its recent bear run on Thursday with a gap-down opening.

BSE Sensex plunged 575 points and the Nifty50 fell below the psychological mark of 11,000.

Domestic indices were weighed down by a sell-off in the Asian markets.

The sell-off in the Indian market was led by auto, consumer durables, metal and finance stocks.

Around 10.10 a.m., Sensex was trading at 37,092.84, lower by 575.58 points or 1.53 per cent from its previous close of 37,668.42.

It opened at 37,282.18 and has so far touched an intra-day high of 37,304.26 and a low of 37,058.79

The Nifty50 on the National Stock Exchange was trading at 10,961.65, lower by 170.20 points or 1.53 per cent from the previous close.

Manish Hathiramani, technical analyst with Deen Dayal Investments said: "The index continues to remain weak and any rally up can be used to short this market. 10,900-10,950 is a support range for the market so traders can book profits at the current juncture and use any opportunity to short the October series futures contract at higher levels for a target of 10,750. The resistance on the upside is at 11,300."

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