India's benchmark stock market index Sensex fell more than 500 points in the opening trade on Thursday while home currency fell to a historic low of 73.70 against the US dollar as concerns over rising crude oil prices and steady fund outflows hampered risk appetite.

Share Market Live

NSE

Adding to the pessimism was weak Asian cues following a major sell-off in emerging market currencies while the US 10-year-yield surged on strong US job and service industry data.

The BSE Sensex plunged 540 points, or 1.50 percent, to trade at 35,435.50 in initial trade, while the NSE Nifty50 declined by 1.60 percent, or 174 points, to trade at 10,684.50.

Earlier, the Sensex had settled 155 points down, or 0.4 percent, at 35,820.53 in pre-open trade, while the Nifty started at 10,754.10, dipping by 103 points, or 1 percent.

Broader markets also fell sharply with front line indexes. The Nifty MidCap slided 1.3 percent and the BSE MidCap over a percent.

All Nifty stocks traded in the red except L&T and Hindalco in initial trade. Eicher Motors, Bajaj Finance, Adani Ports, HDFC, Hero MotoCorp declined the most by up to 4.35 percent.

Except metal, all sectoral indices traded in the red with maximum weakness seen in auto and realty stocks.

The Indian rupee opened at record low of 73.60 against the US dollar on Thursday. The home currency closed at 73.34 against the greenback on Wednesday. It further fell to 73.71 against the US dollar in initial trade.

Meanwhile, the 10-year government yield opened at 8.18 percent against its previous close of 8.11 percent.

Also, catch all the action and updates in our Market Live blog

.