Sensex sinks over 700 points, Nifty around 14,780

Domestic stock market Sensex and Nifty traded with heavy losses dragged by selling in PSU banks and auto stocks. Broader markets, Nifty Smallcap100 and Nifty Midcap100 indices traded lower. Gains were witnessed only in metal stocks.

The BSE Sensex fell to 50,160.17 levels, down 737.31 points and the Nifty gave up the 15,000 level, dropping 198.15 points or 1.30% to 14,784.25.  shortly after reclaiming it in the opening deals. 

IndusInd Bank, Bajaj Auto, Larsen & Toubro, PowerGrid, and HDFC were all down over 1 per cent.

L&T was the top loser in the Sensex pack, shedding around 2 per cent, followed by M&M, Dr Reddy's, Maruti, HDFC, TCS and Bajaj Auto.

On the other hand, ONGC, HDFC Bank, Tech Mahindra and Infosys were among the gainers.

In the previous session, Sensex ended 434.93 points or 0.85 per cent lower at 50,889.76, and Nifty gave up the 15,000 level, dropping 137.20 points or 0.91 per cent to 14,981.75. 

Elsewhere in Asia, bourses in Shanghai and Seoul were trading on a positive note in mid-session deals, while Hong Kong and Tokyo were in the red.

Meanwhile, the global oil benchmark Brent crude was trading 1.06 per cent higher at USD 62.80 per barrel. 

(With inputs from agencies)