MARKET LIVE: Sensex slips 250 pts, Nifty near 16,650; Reliance drops 3%

Reliance led Sensex losses, dropping 2.5 per cent after brokerages cut earnings estimates of the company after its Q1 miss.

Tech M, Infosys, Ultratech Cement, Kotak Bank and TCS were the other top laggards, while ICICI Bank, Bajaj Finance, and Tata Steel were the top winners.
The broader markets, meanwhile, opened in green. The BSE MidCap and SmallCap indices were up to 0.11 per cent higher.Sectorally, Nifty Bank, Financials, Metals were notable gainers, while Auto, FMCG, Pharma, and Oil & Gas held losses. 

Among other stocks, GAIL rose over 1 per cent. The company said it will consider dividend payment on July 27. 

BEL gained around 2 per cent on winning an order worth Rs 250 crores. 

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