Mumbai, Sep 20 (IANS): The Indian stock market is witnessing high level of volatility affected by global cues as markets all across showing weak trends.

Accordingly, S&P BSE Sensex index fell as much as 490 points to touch 58,525 in first few minutes of trade after markets opened and the broader NSE Nifty50 fell as low as 17,425 points, down 204 points from its previous close.

It, however, managed to recoup losses and bounce back into the positive zone -- gaining nearly 200 points at the highest point of the day with Sensex again crossing the mount 59,000.

However, the BSE benchmark index once again slipped into red on the back of persistent selling pressure in Tata Steel, HDFC and SBI among others. FMCG majors -- Hindustan Unilever and ITC, however, are trading on a firm note. At 3.22 pm Sensex was 535 points down at 58,480.

The broader market is also down now with Nifty shedding 191 to reach 17,388.

Barring Nifty FMCG, all other sectoral indices are trading in the red with metals, PSU Banks, financial services, auto and realty indices dragging the most.

HUL was the biggest gainer in early hours of trade on Nifty50 while other stocks like ONGC, ITC, HCL were the other better performers.

Tata Steel on the other hand was the biggest loser with JSW Steel, Hindalco, Adani Ports being the other weak performers.

Markets across the globe have been down while Asian markets were close for holidays in previous weak.