Wibbly wobbly Wednesday for stock market! Sensex, Nifty first soars, and then crashes from day's high - Fall reasons?

What happened: The Sensex and Nifty 50 rose in early trade on Wednesday, 21 October, then erased all gains and fell sharply from their intraday highs. Key numbers: Sensex rose 800 points (1.12%) to an intraday high of 74,682.19, then fell to 73,356.71, down 1,300 points (1.8%) from the high. Why it matters: Experts cited oil prices above $110 per barrel, profit booking at higher levels, and FPI selloff as reasons for the fall. V K Vijayakumar of Geojit Investments said the market is likely to remain under pressure and the sell-on-rally construct will continue in the near term.

The Sensex and Nifty 50 rose in early trade on Wednesday, 21 October, then erased all gains and fell sharply from their intraday highs.

Experts cited oil prices above $110 per barrel, profit booking at higher levels, and FPI selloff as reasons for the fall. V K Vijayakumar of Geojit Investments said the market is likely to remain under pressure and the sell-on-rally construct will continue in the near term.