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Stock Market Updates: Sensex falls 500 points, Nifty below 15,550; SBI, Tata Steel top draggers

SBI and Tata Steel were the top draggers in the Sensex pack, declining over 2 per cent, followed by IndusInd Bank, Axis Bank and ICICI Bank

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Indian benchmark indices opened sharply lower amid mixed global cues.  At 09:18 hours, the 30-share BSE index was trading 472 points or 0.90 per cent lower at 51,872.28, and the broader NSE Nifty was down 174 points or 1.11 per cent to 15,509.20.

SBI and Tata Steel were the top draggers in the Sensex pack, declining over 2 per cent, followed by IndusInd Bank, Axis Bank and ICICI Bank.

On the other hand, NTPC was the only gainer on BSE.

On Friday, the S&P BSE Sensex recovered over 850 points from its intrday low to close at 52,344 and Nifty 50 index declined 8 points to settle at 15,683.35.

Foreign institutional investors (FIIs) emerged as net buyers as they bought shares worth Rs 2,680.57 crore on June 18, as per provisional data available on the NSE.

U.S. stocks ended lower on Friday after U.S. Federal Reserve officials indicated that the central bank could begin rising interest rates in 2023, a year earlier than expected.