Stock market today| Sensex falls 500 points, Nifty below 22,750: Major reasons why

Stock market today: BSE Sensex traded 524 points lower at 74,646 and Nifty50 was down 163 points at 22,725.

Stock market today: Indian indices traded lower for the fourth consecutive session today (May 29). Selling was seen across all sectors while BSE Sensex traded 524 points lower at 74,646 and Nifty50 was down 163 points at 22,725. Nifty Financial Services fell 0.6%, Nifty Auto declined 0.8% and Nifty FMCG, IT, Healthcare, Pharma and Oil & Gas also fell.

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Stock market today: A bird flies past a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai. (Reuters)

Top Sensex stocks that dragged the indices down were HDFC Bank, M&M, ICICI Bank, L&T, Reliance and Axis Bank. IRCTC traded nearly 5% lower after the company reported a consolidated profit after tax (PAT) of ₹284 crore and Paytm shares locked in 5% upper circuit after it was reported that Adani Group chairman Gautam Adani my acquire a stake in Paytm's parent company One97 Communications.

What about Asian markets on May 29?

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4% and there was a 0.7% gain in Hong Kong's Hang Seng index. Japan's Nikkei slipped 0.3%.

What about FII/DII?

Oil prices rose as investors expected major producers to maintain production cuts at a meeting this week. Brent crude futures for July delivery rose 27 cents, or 0.3%, to $84.49 a barrel while US West Texas Intermediate futures for July rose 35 cents, or 0.4%, to $80.18.