Sensex crashes 700 points at open, Nifty 50 below 23,250

Indian stock market experienced a sharp correction on Thursday, with BSE Sensex plunging over 700 points at open and the Nifty 50 falling below the 23,250-mark. The BSE Sensex started the trading session 555.85 points lower at 74,272.40, while the Nifty 50 opened 225 points lower at 23,221.80. Insurance stocks fell after IRDAI proposed an overhaul of insurance distribution system.