ABS and ASC warning lights stay on 2000 530d

This is the ASC indicator. It comes on when the system is turned off. To get the light out, turn the system back on by pushing the ASC(dsc) button on the console. It's located just ahead of the shift lever. ASC is the Automatic Stability Control system.
It's a traction control light. it warns whenever the system is turned on and the car senses a loss of traction. you can deactivate the system by pushing the ASD(dsc) button and holding. this light will illuminate to say: you may lose traction.
Can sometimes be activated by faulty brake(ABS) sensors,ABS pump,While checking ensure that your brake pads aren't worn right down.
If the light still stays up get your local service dealer to scan cars computer for fault code relating to which sensor is perhaps faulty.
I hope this helps you or get back with your findings

ABS/ASC module is faulty
CLASSIC ABS FAILURE SYMPTOMS:
- Most of the time, the problem is the ABS module or one of the 4 wheel speed sensors (& sometimes the brake pressure sensor)
- In my 2002 BMW E39 DSC, three orange (warning) cluster display lights lit, ABS, Brake, & DSC
- The 3 warning lights reset when the ignition is turned off, only to repeatedly reappear within minutes of normal driving
- The fault is often intermittent leading you to falsely believe you've resolved the problem (proper diagnosis is important)
- Sometimes the fault only appears when the engine is hot; other times only at speeds over 40 mph
- Carsoft may erroneously show a rear speed sensor failure; but just replacing the speed sensor may make no difference.
- All the work is in correct diagnosis of the problem; parts replacement is trivial (from 1 to six bolts in a few minutes)
- Hence, this BMW E39 ABS 3-warning light DIY will concentrate on understanding and diagnosis of the problem

ASC is short for "automatic stability control" u will need to have the ABS/Traction control system tested by the dealer for a possiable fault code.

Check to see if your brake pads and rotors are in good condition. Or if you have replaced the pads yourself and have not reset the wheel sensors this would cause the ABS Antilock Brake System light and the ASC Automatic Stability Control light to stay on as the ASC uses the ABS brakes with computer assistance to control the traction of the car if not fixed it can effect your rev limiter slowing performance

Check to see if your brake pads and rotors are in good condition. Or if you have replaced the pads yourself and have not reset the wheel sensors this would cause the ABS Antilock Brake System light and the ASC Automatic Stability Control light to stay on as the ASC uses the ABS brakes with computer assistance to control the car

Check to see if your brake pads and rotors are in good condition. Or if you have replaced the pads yourself and have not reset the wheel sensors this would cause the ABS Antilock Brake System light and the ASC Automatic Stability Control light to stay on as the ASC uses the ABS brakes with computer assistance to control the traction of the car if not fixed it can affect your rev limiter and slow performance

check the relays

Check to see if your brake pads and rotors are in good condition. Or if you have replaced the pads yourself and have not reset the wheel sensors this would cause the ABS Antilock Brake System light and the ASC Automatic Stability Control light to stay on as the ASC uses the ABS brakes with computer assistance to control the car

When your ASC light is on this is to let you know your Automatic Stability Control system is switched off press the ASC button Till light is off /ASC is on this works with your rev limiter and should stabilized your idle. If the problem persists have your throttle control unit checked as thi can trigger the ASC light as well and may also activate the ABS light if not fixed