Stock Market News Live: Sensex Down 500 Points, Nifty Below 25,000; Private Banks Drag On Earnings Woes

The Nifty 50's dip below 25,000 marked a nearly four-week low for the index, reflecting broad-based weakness across the market. The Indian equity markets are trading in a bearish tone as the Nifty has slipped below key support levels of 25,000.

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The benchmark index breached the support levels and slipped below teh 25,000 mark during trade today. The index was primarily dragged by private sector banks, insurance heavy weights and others.

The Indian equity markets have been seeing a downturn on account of various cues from earnings, global cues and more. The India Volatility Index was up 2.91% as of 11:58 a.m. as the Nifty was down about 0.65%.

The Nifty 50 has slipped below key support level of 25,000, indicating bearish tone.

Bank Nifty opened gap-down on weak numbers from Axis Bank and ahead of HDFC Bank and ICICI Bank results.

Foreign investors have been increasing short positions in derivative market, indicating bearishness. FII long short ratio — 83% shorts : 17% longs.

Besides, there has been consistent FII selling in cash market adding to pressure on the markets. FIIs have sold equities worth nearly Rs 12,000 crore in one week.

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.