Market in red, Sensex falls nearly 800 points

The key Indian equity indices traded deep in the red on Thursday morning with the BSE Sensex falling nearly 800 points.

It fell to an intraday low of 50,659.17 during the initial trade, lower by 785 points from its previous close.

The fall in the domestic market came on the back of a similar trend in the Asian markets.

The indices are, however off the intraday lows and around 9.20 a.m. Sensex was trading at 50,885.62, lower by 559.03 points or 1.09 per cent from its previous close of 51,444.65.

It opened at 50,812.14 and has so far recorded an intraday high of 50,925.16 points.

The Nifty50 on the National Stock Exchange was trading at 15,023.45, lower by 222.15 points or 1.46 per cent.

Heavy selling was witnessed in metal, banking and finance stocks.

The top losers on the Sensex so far were Tata Steel, HDFC and HDFC Bank, whereas the only gainers were ONGC, Infosys and Sun Pharmaceutical Industries.