Tracking weakness in the global equities the Indian stock markets' key indices, Sensex and Nifty, slumped around two per cent on Friday dragged by heavy selling in banking and IT stocks.
The 30 stock S&P BSE Sensex was trading 891.66 points or 1.60 per cent down at 54,810.57 points at 1.26 pm, against its previous day's close at 55,702.23 points.
Earlier, the Sensex started the day with a deep cut at 54,928.29 points and slumped to a low of 54,586.75 points. The Sensex touched a high of 55,070.12 points in the intra-day.
The Sensex is trading in the red for the fourth day in the past five trading sessions. The index had closed with a marginal gain of 33.20 points or 0.06 per cent on Thursday.
The broader Nifty 50 of the National Stock Exchange was trading 264.45 points or 1.59 per cent down at 16,418.20 points against its previous day's close at 16,682.65 points.
Earlier, the Nifty 50 opened in the red at 16,415.55 points and slumped to a low of 16,340.90 points.
The Nifty 50 had closed with a marginal gain of 5.05 points or 0.03 per cent on Thursday.
The Indian equities came under massive selling pressure on Friday tracking weakness in the global equities. Major indices of the American equities markets slumped on Thursday.
There was heavy selling pressure in banking and IT stocks. Axis Bank tumbled 3.99 per cent to Rs 674.05. Bajaj Finance slumped 4.20 per cent to Rs 6046.05. Bajaj Finserv tumbled 3.20 per cent to Rs 13683.90.
Wipro dipped 3.43 per cent to Rs 483.85. Infosys slumped 2.63 per cent to Rs 1543.50. TCS slipped 1.59 per cent to Rs 3457.55.
The index heavyweight Reliance Industries was trading 1.03 per cent down at Rs 2613.45.
Only five of the 30 scrips that are part of the benchmark Sensex were trading in the positive. Tech Mahindra rose 1.76 per cent to Rs 1285.80. ITC, Power Grid Corporation, NTPC and SBI were trading in the positive.
( With inputs from ANI )
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