After consolidating around 100-days exponential moving average (EMA), traders were confident that Nifty50 should be able to hold on to this level on May 13 but late hour selling pushed Nifty in the red for the 9th consecutive days in a row.

The index posted its longest losing streak for the first time in the last 8 years, CNBC-TV18 data quoted. The NSE Advance-Decline Ratio at 1:4.

The index broke below its crucial 100-days exponential moving average (EMA) placed at 11,253 to form a bearish candle. The next support could now be placed at its 200-days EMA placed around 11,035.

The final tally on D-Street – the S&P BSE Sensex plunged 372 points to close at 37,090 while the Nifty50 fell 130 points to close at 11,148.

In terms of sectors, the Nifty PSU Bank lost 5 percent, followed by Nifty Pharma which lost 4.3 percent, and the Nifty Media was down by 3.7 percent.

The broader market underperformed the benchmark index. The Nifty Midcap index was down 2.69 percent while the Nifty Midcap index dropped 2.1 percent.

More than 200 companies on the NSE and over 300 companies on the BSE hit fresh 52-week low which includes names like Eicher Motors, M&M, Biocon, Sun Pharma, Wockhardt, Dabur India, Cadila Healthcare, etc. among others.

What led to the f