New Delhi, Sept. 29 -- The Nifty 50 witnessed one of its sharpest declines in the September series in recent years, registering a fall of 1,618 points or 6.6%.

The Nifty opened with a gap down and slipped to an intraday low of 22,569.65 within the first hour of trade. However, the index recovered from the lows and remained within the opening hour's range for the rest of the session. It finally closed at 22,716.20, down 64.05 points or 0.28%, after recovering more than 140 points from the day's low.

Tuesday's price action resulted in the formation of a hammer-like candlestick pattern, with a long lower shadow and a small real body near the upper end of the trading range. This pattern generally indicates that buyers emerged at lower level...