Sensex sinks 500 pts, Nifty breaks below 19K; Tech M dips 3%

Taking cues from overseas, equity markets started sharply lower on Thursday, extending the spate of losses for a sixth day. The BSE Sensex fell 400 points to 63,641, and the NSE Nifty50 slipped 120 points to break below 19,000.

Tech M, M&M, HDFC Bank, Ultratech, Tata Motors, Bajaj Finserv led losses on the Sensex, sliding 1-3 per cent. While Axis Bank, IndusInd Bank and HCL Tech were the only stocks in green.

The broader markets opened with sharp losses too. The BSE MidCap and SmallCap indices fell 1 per cent each.

All sectoral indices held sharp cuts, led by Nifty Realty, which fell 2.4 per cent. Nifty PSBs, Nifty Auto, Nifty Metal were next in line with over 1 per cent of losses.

Sonata Software held ground amid broader losses. The stock was up 3 per cent after its Q2 results. The company also approved a 1:1 bonus issue.