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MARKET LIVE: Sensex off lows, down 550pts, Nifty holds 16200; IT pack gains

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Stock market live updates: The key benchmark indices were subdued in early deals on weak cues, although they came off lows as IT shares saw some recovery. 

The BSE Sensex was down 600 points to 54,220, while the NSE Nifty shed 170 points to 16,237.
 

The broader markets underperformed the benchmarks with the BSE MidCap and SmallCap indices down up to 1.6 per cent. India VIX rose 4.5 per cent to cross 22 levels.

Sectorally, all indices held steep losses except Nifty IT, which was down 0.3 per cent. Nifty Metals, PSBs, Energy slipped the most, up to 2 per cent. Nifty Banks, Auto, Financials were the other 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 77.40 against USD.

Primary market

As of 10:20 am, the LIC IPO, that closes for subscrption today, was subscribed 1.93 times. Categories reserved for policyholdera and employees were subscribed over 5 times and 3.8 times, respectively. The retail invetsor portion was subscribed 1.6 times. 

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