MUMBAI: The Indian stock market's key indices, Sensex and Nifty, slumped by over 1 per cent on Friday dragged by heavy selling pressure in banking and financial stocks amid negative global cues. The 30 stock S&P BSE Sensex slumped 651.85 points or 1.08 per cent to 59,646.15 points against its previous day's close at 60,298.00 points.
Earlier, Sensex started the day in the positive at 60,351.23 points and rose to a high of 60,411.20 points in the morning session. The Sensex came under heavy selling pressure at around noon trade. The selling pressure intensified in the afternoon session dragging the index down to 59,474.57 points in the intra-day. The broader Nifty 50 of the National Stock Exchange slumped 198.05 points or 1.10 per cent to 17,758.45 points against its previous day's close at 17,956.50 points.
The markets witnessed a volatile session. The Nifty started the day in the positive at 17,966.55 points and rose to a high of 17,992.20 points in the morning session. The Nifty witnessed heavy selling pressure in the afternoon session. There was heavy selling pressure in banking and financial stocks. IndusInd Bank slumped 3.82 per cent to Rs 1062.85. Bajaj Finserv dipped 3.08 per cent to Rs 16292.85. Bajaj Finance slumped 2.53 per cent to Rs 7301.20. State Bank of India dipped 2.25 per cent to Rs 520.40.
The index heavyweight Reliance Industries Limited closed 1.77 per cent down at Rs 2613.60. Tata Steel slumped 2.27 per cent to Rs 110. NTPC, Hindustan Unilever, ICICI Bank, Power Grid Corporation, Bajaj Finance, Maruti Suzuki and Asian Paints were among the major Sensex losers.
Selling pressure was across the board. Only three of the 30 scrips that are part of the benchmark Sensex closed in the positive. L&T rose 2.20 per cent to Rs 1935.85. Infosys and TCS also closed in the positive.