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Stock Market Updates: Sensex hovers around 52k, Nifty below 15,600

Power Grid and ONGC were the top draggers in the Sensex pack, declining over 3 per cent, followed by SBI, NTPC and M&M

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At 12:29 hours, the S&P BSE Sensex was trading at 51,935.11, down 388 points. The index touched an intraday low of 51,601.11. Meanwhile, the Nifty 50 index was trading at 15,564.25, down 127 points.

Power Grid and ONGC were the top draggers in the Sensex pack, declining over 3 per cent, followed by SBI, NTPC and M&M.

Indian benchmark indices opened higher amid mixed global cues.  At 09:18 hours, the 30-share BSE index was trading 235 points or 0.45 per cent higher at 52,559.15, and the broader NSE Nifty was up 61 points or 0.39 per cent to 15,752.45.

However, the benchmark indices shed all early gains as all the sectoral indices slipped in the red, with Nifty Metal and Nifty PSU Bank bleeding the most.

On Thursday, Sensex and Nifty fell for the second consecutive session after hitting record highs led by losses in index heavyweights HDFC twins, ICICI Bank and Axis Bank.

Sensex closed 178.65 points lower at 52,323 and Nifty declined 76.15 points to 15,691.

Foreign institutional investors (FIIs) emerged as net sellers as they sold Rs 879.73 shares worth crore on Thursday, as per provisional data available on the NSE.