Indian stock markets continued to plunge for the fourth day on Thursday.

The stock markets closed on a feeble note on fears that Greece's rising national debt crisis could spread to other countries and hold up financial recovery. On the sectoral front, teck, capital goods, metal and IT scrips headed the declining charts, while healthcare and PSU stocks remained up.

The Sensex belled the day negatively at 17,049.69 amid pessimistic Asian markets. It dropped further at mid-session owing to continued selling by funds on worries of euro zone debt crisis. Selling pressure gained momentum following weakening worldwide signals.

Finally, the benchmark 30-share index, BSE Sensex lost 100.43 points at 16,987.53, while the broad based NSE Nifty declined by 34.05 points at 5,090.85.

For the week ended April 24, food inflation fell further to 16.04% as compared to 16.61% during the previous week as arrival of rabi (winter) crops cooled prices of necessary items. In contrast, fuel and power remained almost unaltered.

The BSE Mid and small caps outperformed their larger counterparts declining 0.50% and 0.08% respectively.

Fairwealth Securities stated, "Indian market traded in red throughout the day, however, managed to cover some of its loses in the final hour pull back. Metals and capital goods stocks faced maximum sell off, while pharmaceuticals stood firm. Under the weak global cues, Sensex closed at 16,987, down 100 points and Nifty at 5,090, down 34 points from the previous close."

Fairwealth Securities viewed that 5,140 may act as trend deciding level for Nifty in today's session.

Traders are said to remain short as long as Nifty sustain lower than 5,140. Banking and finance segment may attract buying whilst metal scrips may still remain weak.

"5,055 and 5,020 may act as support levels. Bank Nifty Future may attract buying above 9,650," Fairwealth Securities viewed.

Expected bearish stocks: Jindal Steel, Reliance, M&M, Axis Bank, BHEL, ABB, LT, Bank of India, DLF, HDIL, Cairn, HDFC, Hindalco, Sterlite, National Aluminum.

Expected bullish stocks: Cipla, Ranbaxy, Lupin, PNB, Canara Bank, TCS, BPCL, Hero Honda, Reliance Capital, LIC Housing Finance, Divis Lab, Bhushan Steel, GAIL, Piramal Healthcare, ICSA, Kotak Bank, Union Bank Fedral Bank.