The BSE Sensex tanked more than 700 points or 1.35 percent to 51,823 yesterday, while the Nifty50 plunged 225.50 points or 1.44 percent to 15,413 and formed a bearish candle on daily charts.
As per pivot charts, the key support level for Nifty is placed at 15,344, followed by 15,275. If the index moves up, the key resistance levels to watch out for are 15,524 and 15,634.
Major US stock indexes ended down slightly Wednesday, losing early gains tied to remarks by Federal Reserve Chair Jerome Powell that the US central bank is "strongly committed" to bringing down inflation, while sharply lower oil prices weighed on energy shares.
The Dow Jones Industrial Average fell 47.12 points, or 0.15%, to 30,483.13, the S&P 500 lost 4.9 points, or 0.13%, to 3,759.89 and the Nasdaq Composite dropped 16.22 points, or 0.15%, to 11,053.08.
Shares in the Asia-Pacific were higher on Thursday as investors continued to monitor recession concerns. The Nikkei 225 in Japan rose 0.69%, and the Topix gained 0.58%. South Korea's Kospi was advanced 0.64%, and the Kosdaq added 0.42%%.
In Australia, the S&P/ASX 200 was 0.48% higher. MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.41%.