India's key stock index Sensex down 500 points

Mumbai: The key Indian equity indices declined on Wednesday morning, with the BSE Sensex losing over 500 points.

Heavy selling pressure was witnessed in banking and finance stocks.

Around 10.24 a.m., Sensex was trading at 49,629.68, lower by 506.90 points or 1.01 per cent from its previous close of 50,136.58.

It opened at 50,049.12 and has so far touched an intraday high of 50,050.32 and a low of 49,629.12 points.

The Nifty50 on the National Stock Exchange was trading at 14,719.80, lower by 125.30 points or 0.84 per cent from its previous close.

Manish Hathiramani, technical analyst with Deen Dayal Investments said: "The markets have reacted from yesterday's high. 14,950 is the key level to watch out for as that is the breakout level for the Nifty. If we can get past that, we should anticipate a target of 15,200-15,300."

"If we continue drifting downwards and break 14,500, there is a chance we go back into bear grip. It is a crucial juncture and measures to manage risk must be prioritised."