Sensex, Nifty 50 open low on global cues, metal and banks top drag

The Indian stock market opened sharply lower on Monday on global cues with markets all across showing weak trends.

Accordingly, the S&P BSE Sensex index fell as much as 490 points to touch 58,525 in the first few moments of trade after markets opened and the broader NSE Nifty50 fell as low as 17,425 points, down 204 points from its previous close.

Both the benchmark indices have recovered slightly with Sensex rising to 58,859 at 9.53 a.m. while Nifty50 trading at 17,515 points.

Barring Nifty FMCG, all other sectoral indices are trading in the red with metals, PSU Banks, financial services, auto and realty indices dragging the most.

HUL was the biggest gainer in early hours of trade on Nifty50 while other stocks like ONGC, ITC, HCL were the other better performers.

Tata Steel on the other hand was the biggest loser with JSW Steel, Hindalco, Adani Ports being the other weak performers.

Markets across the globe have been low while Asian markets were closed for holidays in previous week.

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Midcaps Bajaj Electricals, IRCTC and Hatsun Agro have surged more than 40% in a span of 30 days