Indian markets closed sharply lower on Friday as banking stocks led a broad sell-off, with the Sensex falling over 1,000 points and the Nifty slipping below 24,500.
Indian equity benchmarks ended sharply lower on Friday, with the BSE Sensex plunging more than 1,000 points as heavy selling in banking and financial stocks weighed on investor sentiment.
The 30-share index closed at 78,918.90, down 1,097 points or 1.37 per cent, after hitting an intraday low of 78,812.18. The index had opened weaker at 79,658.99 against the previous close of 80,015.90.
The broader Nifty 50 also finished in the red, settling at 24,450.45, down 315.45 points or 1.27 per cent. The benchmark traded in a range of 24,415.75 to 24,700.90 during the session.
Banking stocks lead decline
Financial heavyweights were the biggest drags on the indices. Shares of ICICI Bank fell more than 3 per cent, making it the worst performer among the benchmark constituents.
Other lenders also witnessed sharp declines, including State Bank of India, Axis Bank, and HDFC Bank, which dropped between 2 and 2.7 per cent.
Financial services firms such as Bajaj Finserv and Bajaj Finance also declined, contributing to the broader weakness in the market.
Industrial and infrastructure stocks including Larsen & Toubro and UltraTech Cement slipped over 2 per cent, while auto major Maruti Suzuki and telecom operator Bharti Airtel also ended lower.
Limited gainers
Only a handful of stocks managed to end in positive territory.
Shares of Bharat Electronics Limited led the gainers with a rise of over 2 per cent, supported by strong trading volumes.
Energy major Reliance Industries gained about 1.3 per cent, while NTPC Limited, Sun Pharmaceutical Industries, and Infosys also posted modest gains.
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