Dalal Street opened in red on Thursday as the BSE Sensex and NSE Nifty fell more than 500 and 200 points, respectively. Nifty's fall came after Wednesday's 0.62% rebound, mainly led by a 2.4% surge in metals. Experts said the market volatility was expected to remain elevated, with sharp intraday swings ahead.

On Wednesday, the total market cap of all BSE Sensex companies stood at Rs 4,83,54,454. Meanwhile,  Nifty closed at 23,446.80, up by 0.50%. However, the broader structure remained cautious as trading was below average.

On the other hand, the US stock market ended in a mixed session overnight, with Nasdaq trading to a fresh record close, while the S&P 500 was almost flat and the Dow fell sharply.

However, the market's main focus today is on the listing of India's biggest bourse, the National Stock Exchange (NSE), which is set to make its debut on the trading floor. NSE is scheduled to list its shares on the BSE on Thursday. NSE’s listing is expected to see a modest 2-3% gain.

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NSE’s shares will also be available for trading on the Metropolitan Stock Exchange of India (MSEI) from Thursday, alongside the BSE.

On the BSE Sensex website, at 9:22 am, the pre-open status of NSE Ltd. on Thursday stood at Rs. 1,735. NSE IPO was priced in a band of Rs. 1,700- Rs. 1,785 per share, with Rs. 1,785 being the upper end of the issue price. However, GIFT Nifty futures were at 23,270 points as of Thursday morning, indicating a negative start for the benchmark Nifty 50 index.

Among the 30 Sensex firms, Tata Steel, Bajaj Finance, ITC, UltraTech Cement, Power Grid and Larsen & Toubro were the major winners, while HCLTech, Infosys, Tata Consultancy Services, Titan and Mahindra & Mahindra were among the laggards.