Nifty slips below 9,700 for the first time since Sep 2017

The Nifty50 took a vertical fall from the high of 12,430 recorded on January 20 to 9,875, which is the intraday low as on March 12 — a fall of 20.56 percent.

Tracking the sell-off in global equities, Nifty50 hit a 32-month low while the S&P BSE Sensex breached 34,000 to hit a 24-month low on March 12.

Nifty broke below 9,700 level for the first time since September 2017.

Theoretically, a bear market condition gets triggered whenever a stock or an index falls more than 20 percent from its record high. Mimicking the fall in Nifty, the S&P BSE Sensex has also entered a bear phase.

The S&P BSE Sensex fell from the high of 42,273 recorded on January 20, to 33,723, which effectively translates into a decline of more than 20 percent.

But, this is not the first time when the Nifty50 has entered a bear phase. The last time when it entered bearish territory was in 2015 before bouncing back.

The Nifty50 registered a vertical sell-off from 9,119 recorded on March 4, 2015 to 6,825 which was the intraday low formed on February 29, 2016 which effectively translates into a drop of more than 25 percent.

In 2010, the market bottomed out after taking a hit of 28 percent from the highs of 6,338–4,531.

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