Market Update: Sensex slips nearly 600 points, Nifty down 1% amid selloff

12:00 pm: The stock markets started on weak note and continued to decline throughout the session under selling pressure on Thursday.  

Nifty50 slipped 134 points to 18,076.60, while the 30-share index shed 400 points to settle at 60,680.00. Meanwhile, IndusInd Bank and Larsen and Toubro continued to be the top gainers on both stock market benchmark indices 

11:20 am: Broader market selloff, Nifty down by 170 points at 18042. "Nifty down by more than 600 points from its highs of 18604 in the last 8 trading sessions. Nifty midcap 100 and Nifty smallcap 100 have seen the selling pressure and both down by 10% in the last 8 days. While Banknifty was showing strength on the back of better-than-expected results from several stocks but now Banknifty is also losing the momentum and is down 1.45% today. We expect the market to be volatile in the coming weeks and we expect selling pressure to continue in the broader market. We suggest investors be cautious on the market, look for profit booking and avoid buy on dip strategy," said Yash Gupta, Equity Research Analyst, Angel One Ltd    

Earlier in the market open...

The Indian stock markets opened in the red on Thursday. Nifty couldn't sustain 18,200-mark as it opened at 18,187.65 while Sensex started the trading session at 61,081. 

Top gainers on Nifty index were IndusInd Bank, Larsen and Toubro, Bajaj Auto and Divis Lab, while Hindalco, Adani Ports and Titan dragged the market most during the opening session.

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The Nifty Bank index opened at 40,915.15, but was trading at 40,713.15, down by 161.20 points minutes after opening.

In the preopen, Sensex added 106 points to trade at 61,249.39, a gain of 0.17% while Nifty gained 85 points to open at 18,295.  30-share Sensex saw 21 shares advancing, while on Nifty, 23 stocks were in the green.  

Earlier, Nifty and Sensex had closed in the red, but held on to 18,200 and 61,000 levels respectively during Wednesday's closing.  Nifty had settled for 18,210.95, down 57.45 points or 0.31%, while S&P BSE Sensex slipped over 200 points to close at 61,143.33, down 0.34%.