India equities fell sharply on Tuesday forcing the Sensex down to 12,676, a low not seen since April 2007.

The benchmark index Sensex shed 654.32 points and closed the day at 12,676.19, whereas Nifty plunged 178.60 points to close the day at 3,861.10 points.

The stock market plummeted to its 15-month low, as prediction of rising risk to rupee-denominated investments added to the sufferings of investors already combating with domestic political improbability and weak worldwide cues.

Stock market analyst Suresh Iyer stated, “As indicated stock markets traded with a negative base on Tuesday, there is further downside left in the market. Banking has led the fall.”

Nifty has the support level at 3,837, 3,760, 3,617 to 3,630. 3,760 is a vital level to follow, the monthly trend level is at 3,760, while strong resistance is at 4,042 to 4,029 range.

He also said that Banking and FMGC sectors will decline further.

Technical analyst, Vishwas Agarwal said, “As a result of global market downturn and our `political wrestling`, market is in panic selling pressure. Clarity about market will come only after the outcome of confidence motion on nuke deal; until then investors or traders should wait and watch.”

Tumbling worldwide market and rising crude prices will not permit market to take a big jump, he said.

“Currently, we need a `rock bottom` which will control continuous fall on daily basis and thus help investors and traders to be in the market,” Agarwal added.