Stock Market Updates: Sensex falls 200 points, Nifty below 15,700; M&M, Axis Bank top draggers

Indian benchmark indices opened sharply lower amid weak global cues.  At 09:20 hours, the 30-share BSE index was trading 281 points or 0.54 per cent lower at 52,287.56, and the broader NSE Nifty was down 54 points or 0.34 per cent to 15,673.90.

M&M and Axis Bank were the top draggers in the Sensex pack, declining over 1 per cent, followed by Reliance, HDFC Bank and Bajaj Auto.

On the other hand, Tata Steel and Dr Reddy’s were among the gainers on BSE.

Benchmark indices ended in the red yesterday in line with negative global cues. Sensex slumped 486 points as rising cases of the COVID-19 Delta variant in multiple countries and hawkish comments from the US Federal Reserve spooked investors.

The 30-share index ended 485.82 points lower at 52,568 and Nifty dropped 151.75 points to 15,727.

Foreign institutional investors (FIIs) emerged as net sellers as they sold shares worth Rs 554.92 crore on July 8, as per provisional data available on the NSE.