Bears tighten grip on mkt: Nifty falls to lowest level in nearly 5 months

The benchmark Nifty index on Tuesday ended at 11,085, the lowest level in nearly five months and also below the 200-day moving average (DMA), a key technical support. The index has lost 5.2 per cent, or 603 points, in just nine trading sessions amid a sharp sell-off by foreign portfolio investors (FPIs), who are spooked by the increase in tax surcharge. 

The 50-share index of bluechip companies is now down 8 per cent from its all-time high scaled last month. The correction has been sharper in the broader market with the NSE Midcap 100 and NSE Smallcap 100 currently at