Market update: Sensex down by 400 points, Nifty below 14,800

Sensex opened 0.81 percent, or 405.05 points, lower at 49,360.89, while the Nifty50 index opened at 14,747.35, down 147.55 points, or 0.99 percent. Midcap and smallcap indices saw a decline of over half a percent each. Among sectoral indices, banks, metals, financial services, and auto suffered loss, while gains were seen in Nifty IT and Nifty Pharma.