Market LIVE: Sensex slips 600 pts, Nifty tests 16,650; Financials drag

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Live market updates: The key benchmark indices opened gap-down on Wednesday snapping their two-day previous gains as global market sentiment soured amid soaring oil and commodity prices. The BSE Sensex fell 700 points to 55,544, while the NSE Nifty was at 16,634, lower by 159 points.

Among the Sensex-30 constituents, Tata Steel, PowerGrid, NTPC, Tech M, M&M, Reliance were the top gainers, up 0.3-3 per cent. ICICI Bank, Maruti, Asian Paints, HDFC twins, Kotak Bank, Ultractech Cement, IndusInd Bank and Axis Bank, meanwhile, were the top drags, trading 1.4-3 per cent lower. 

On the Nifty, Coal India, ONGC, Hindalco, Tata Steel were the top performers, trading 3-4 per cent higher, while Bajaj Auto was the additonal top laggard on the index, down 4 per cent. 

The broader markets, meanwhile, were outperforming the benchmarks with the BSE MidCap and SmallCap indices up 0.16 per cent and 0.6 per cent, respectively.

Sectorally, the Nifty Bank, Financial and Auto indices  were leading losers, down 1-2 per cent. On the upside, Nifty Metals and Oil & Gas indices were firmly higher, between 1.5-3 per cent. Nifty IT was largely muted. 

Among stocks, Dilip Buildcon was up mearly 2 per cent on the BSE after the company secured a bid project of Rs 1,255 crore for a new HAM project on the development of NH-130-CD road under Raipur-Vishakhapatnam Economics Corridor in Chhattisgarh.