MARKETS: Sensex falls 700 pts, slips below 59K; Nifty tests 17,550

Markets at 11 AM

LIVE market updates: Equities were languishing in the red on Monday amid across-the-board selloff. The S&P BSE Sensex was down 666 points at 58,969 levels with 26 of the 30 index constituents trading in the red. In the intra-day trade, the index hit a low of 58,940.

It’s NSE counterpart, Nifty50, was at 17,570 levels, down 194 points. It hit a low of 17,563 level. The index is now down 1,000 points from record high level of 18,604 level.

Volatility index, India VIX, is also up 5.6 per cent, suggesting turbulence in the markets.

Among individual stocks, shares of One97 Communications, the parent company of digital payments major Paytm, and Fino Payments Bank continued to trade under pressure, falling up to 12 per cent on the BSE in Monday’s intra-day trade, after a weak market debut last week. READ MORE

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LIVE market updates: The benchmark indices were hovering around the lowest point of the day amid sustained selling in RIL, Bajaj twins, Kotak Bank, and Infosys. The BSE Sensex was at 59,122 levels, down 513 points, at 10:05 AM while the Nifty50 quoted at 17,625 levels, down 139 points.

23 of the 30 Sensex constituents and 32 of the 50 Nifty constituents were trading with a negative bias. RIL (down 3 per cent) was the top laggard, followed by Bajaj Finance, Eicher Motors, Kotak Bank, Bajaj Finserv, Titan, Hero MotoCorp, and Maruti Suzuki in the large-cap space.

In the broader markets, where the indices on the BSE were down 0.9 per cent each, shares of GMR Infra, JSW Energy, Endurance Tech, Oil India, and Jubilant Ingrevia were the top losers.

Sectorally, metal pack is clocking a recovery (up 0.6 per cent) while all other indices are still in the red.

In the currency market, rupee opened weaker at 74.35 per US dollar relative to Thursday’s close of 74.24/$.

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Opening Bell

LIVE market updates: Equity markets started the week on a negative note amid across-the-board selloff. The frontline S&P BSE Sensex fell 259 points, or 0.43 per cent, to quote at 59,377 levels in opening deals. The index extended its decline further and tumbled 495 points to hit a low of 59,125.

The Nifty50, on the other hand, gave up 17,700-mark, down 87 points.

Shares of RIL dropped 4 per cent after the company, late on Friday, called-off the deal with the global oil giant Saudi Aramco for a 20 per cent stake acquisition by the Saudi firm in the oil to chemicals (O2C) business of the former company.

Sectorally, all the indices were in the red, led by Realty index (down 2.5 per cent) and Auto index (1.4 per cent).

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Pre-open session

LIVE market updates: Benchmark indices were in the green in pre-opening session. The BSE Sensex was at 59,647 levels, up 11 points at 9:06 AM while the Nifty50 was at 17,767-mark.

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Updated at 8:20 AM

LIVE market updates: Markets are eyeing a flat but positive start on Monday after an extended weekend. Relative to Nifty50’s spot close of 17,765 on Thursday, the SGX Nifty Futures were at 17,778 at 8:10 AM

Individually, Reliance Industries is likely to hog the limelight and may dictate the market trend today, after the company decided to shelve its $15 billion Saudi Aramco deal. Analysts suggest that the move may be a minor setback for the stock.

Primary Market Update

At the end of Day 2, Go Fashion (India) IPO was subscribed 6.87 times, with retail quota receiving bids up to 24.6 times. The issue will close later in the day.

Global cues

China’s Shanghai Composite soared 1.1 per cent, and Kospi jumped 0.7 per cent. Taiwan, Hang Seng and Straits Times were marginally up, while Nikkei was down 0.4 per cent.