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MARKET LIVE: Sensex off lows, down 400pts, Nifty near 16,300; PSBs crack

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Stock market live updates: The key benchmark indices recouped most of their early morning losses led by renewed buying interest in select IT and financial shares. 
 

The BSE Sensex, which dipped below the 54,000-mark, was down 200-odd points to 54,600. The NSE Nifty was down around 100 odd points.

The broader markets were seen trading with deeper losses. The BSE Midcap and Smallcap indices were down around 1.5 per cent each as against a 0.7 per cent loss on the BSE benchmark index. 

Among stocks, Reliance fell up to 4 per cent on the BSE as it continued to weigh on the Sensex benchmark. The Mukesh Ambani-led oil-to-chemicals (O2C) company on Friday reported a consolidated net profit of Rs 16,203 crore for the quarter ended March 31, 2022. Read more

Meanwhile, in the currency market, rupee crossed the 77/$ mark for the first time ever, hitting a record low of 77.5 against USD.

Primary market

As of 2:20 PM, the LIC IPO, that closes for subscrption today, was subscribed 2.5 times. Categories reserved for policyholders and employees were subscribed over 5.7 times and 4 times, respectively. The retail invetsor portion was subscribed 1.8 times. QIB and NII categories also got fully subscribed, by 2 times each. 

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