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MARKET LIVE: Sensex off lows, down 500pts, Nifty holds 16200; IT pack gains

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Stock market live updates: The markets started Monday’s trade with deep cuts as weak global sentiment continued to weigh on equities. 

The BSE Sensex fell 570 points to 54,264, while the NSE Nifty shed 150 points to 16,265.

Axis Bank, Tata Steel, Tech M, Maruti, Bajaj twins, Reliance, HDFC twins, ICICI Bank and M&M were the top Sensex losers, down up to 4 per cent. Hindalco, JSW Steel, and Tata Motors were the additional losers on the Nifty.

PowerGrid, UPL and Cipla, meanwhile, were the only gainers on the benchmarks, up 1 per cent. 

In the broader markets, the BSE MidCap and SmallCap indices also fell up to 0.83 per cent. India VIX rose 4.5 per cent to cross 22 levels.

Sectorally, all indice opened with steep losses. Nifty Metals, IT, PSBs, Energy slipped the most, up to 2 per cent. Nifty Banks, Auto, Financials were also notable losers. 

Among stocks, Future Enterprises outperformed the market mood and rose 3 per cent. The company expects to raise around Rs 3,000 crore from selling its stake in the insurance business to pare debt, which may save the company from facing the rigour of the insolvency process, according to industry sources. Read here

Meanwhile, in the currency market, rupee crossed the 77/$ mark for the first time ever, hitting a record low of 77.17 against USD at open.

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