Stock Market News Live: Sensex Down 500 Points, Nifty Below 25,000; Axis Bank Slide 4%, Private Banks Drag

The Nifty 50 is down 0.63% at 24,956 while the Sensex shed over 500 points to trade lower at 81,735. Private Bank players like Axis Bank, Shriram Finance along with Kotak Mahindra Bank were in the red. While insurance names like SBI Life, HDFC Life also pulled on the Nifty 50.

The shares of Saregama were buzzing in trade today as volumes were up 20 times in 2-week average. The scrip was trading 5.45% higher at Rs 513.6 apiece compared to a 0.66% decline in the Nifty 50 as of 10:51 a.m.

Among the sectors, Nifty defence marked the deepest losses as the sector was down nearly 2%. In the index, Bharat Dynamics was dragging the index by nearly 3% and Cochin Shipyard was also over 2% down. The decline was also visible in shares like Garden Reach, Data Patterns and HAL. MTAR Tech was the only player trading in green among the lot.

After posting first quarter results that garnered mixed views from brokerages, the shares of Indian Hotels were trading marginally higher.

Macquarie maintained a 'Neutral' rating with a target price of Rs 800, on the back of a resilient quarter, but expressed concerns about rising capital expenditure. In contrast, Jefferies maintained a 'Buy' rating and a higher target price of Rs 960, confident in the company's healthy expansion pipeline, and strategic management.

The share price of LTIMindtree was trading slightly lower after the company posted its first quarter results. The scrip was trading 1.68% lower at Rs 5,107 compared to a 0.39% decline in the Nifty 50.