Sensex sinks over 300 points to trade at 77,700:Nifty slips to 24,300; IT, banking stocks drag; 2 IPOs open today

Indian equity benchmarks started the week on a weak note on Monday, August 17, amid widespread selling pressure. The BSE Sensex plunged over 300 points to trade at the 77,700 level, while the broader NSE Nifty 50 slipped over 50 points to trade at 24,300. The market drag was primarily led by heavy selling in IT, banking, and FMCG heavyweights. Primary Market Buzz: Two Major IPOs Open Today Action in the primary market heated up today as two major Initial Public Offerings (IPOs) opened for public subscription. Investors can bid for these issues from today, August 17, until August 19. Horizon Industrial Parks IPO: The company aims to raise ₹2,600 crore through this public issue. Lalitha Jewellery Mart IPO: The jewellery retailer is looking to raise ₹1,700 crore from the primary market. Global Market Cues: Asian Markets Trade in the Green Despite the weak start back home, major Asian markets showed resilience on Monday morning, trading mostly in positive territory: Wall Street Closed Lower on Friday US markets ended their previous session on Friday, August 14, in the red, which has weighed on global investor sentiment: Institutional Activity: FIIs Offload ₹747 Crore in 7 Days Foreign Institutional Investors (FIIs) have maintained a cautious stance, turning net sellers over the past week. Meanwhile, Domestic Institutional Investors (DIIs) continue to support the market. (Figures in ₹ Crore) Previous Session Recap On Friday, August 14, the domestic indices closed marginally lower. The BSE Sensex ended 70 points down at 79,009, while the NSE Nifty 50 shed 29 points to close at 24,366.