Sensex, Nifty lose over 1%

Mumbai: India's benchmark indices snapped their three-day gaining streak as investors reacted to the sharp selling in US stock futures earlier in the day. Nasdaq futures were down over 2% post Wednesday's trading with the fall being led by Meta (formerly Facebook).

On Thursday, the Sensex ended down 770.31 points, or 1.3%, at 58,788.02 and the Nifty ended down 219.80 points, or 1.24%, at 17,560.2. India's volatility index VIX ended up 2.7% at 19.16.

"The Nifty has support at around 17,470 and most probably the index will not go below that. It will resume uptrend towards 18,000 going forward," said Rohit Srivastava, founder, Indiacharts.com. "Tech stocks may underperform for two months, the result season is done and we could see profit booking. They may not go down much but remain in a broader range."

The fall in shares of Meta spilled over to technology stocks across the globe, with the Nifty IT index losing over 2% after gaining about 7% over the last four sessions.