Share market today: Sensex tumbles 500 points, Nifty 50 near 17,100

The share markets continued their downward trend on Monday. Sensex was trading 450 points lower as of 10:30 AM and Nifty50 was trading at 17,120. Media and Oil stocks were trading the weakest with UPL and Titan being top losers. On Sensex, only 5 in the 30 stocks were in the green with Maruti and IndusInd Bank being the top gainers.

In Media stocks, Saregama and TV18 were the top losers with Hathway nearing the 52-week low. However, Network18 shares were trading in the green. In oil stocks, Gujarat State Petronet Limited was the top loser. IGL, Petronet and Castrol were nearing the 52-week low levels.

Elsewhere in Asia, bourses witnessed massive sell-offs in their opening deals but regained some lost ground on reports of a likely meeting between US President Joe Biden and Russian President Vladimir Putin over the Ukraine issue.

Crude oil benchmark Brent Futures dropped 0.30 per cent to trade at 93.33 per barrel.

Continuing their selling spree, foreign institutional investors offloaded shares worth Rs 2,529.96 crore in the Indian capital markets on Friday, exchange data showed.