Market update: Sensex tumbles 338 pts, Nifty slips below 15K

Mumbai, May 20 (PTI): Equity benchmark Sensex tumbled 338 points on Thursday, dragged by losses in index majors HDFC Bank, Reliance Industries and ICICI Bank amid weak global cues.

Slipping below the 50,000 mark, the 30-share BSE index ended 337.78 points or 0.68 per cent lower at 49,564.86. The broader NSE Nifty declined 124.10 points or 0.83 per cent to 14,906.05.

ONGC was the top loser in the Sensex pack, shedding around 3 per cent, followed by Sun Pharma, PowerGrid, Axis Bank, HDFC Bank, Bharti Airtel and Kotak Bank.
On the other hand, M&M, IndusInd Bank, Titan, L&T and Bajaj Finserv were among the gainers.

Binod Modi, Head Strategy at Reliance Securities, said domestic equities corrected for second consecutive day as selling pressure in financials, FMCG and metals dragged Nifty below 15,000 levels.

"Further, weak global cues led by increasing apprehensions among investors post release of FOMC meeting minutes also weighed on sentiments,” he stated.

Metal stocks witnessed heavy selling pressure after China's move to curb commodity prices in the country, Modi added.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Seoul ended on a negative note, while Nikkei was in the positive terrain.

Equities in Europe were largely trading with gains in mid-session deals.

Meanwhile, international oil benchmark Brent crude was trading 0.15 per cent higher at USD 66.76 per barrel.