MUMBAI: The Indian equities markets key indices, Sensex and Nifty, slumped by more than 1.2 per cent on Friday dragged by heavy selling pressure in banking & financial, IT and FMCG stocks.
The 30 stock S&P BSE Sensex slumped 714.53 points or 1.23 per cent to 57,197.15 points against its previous day's close at 57,911.68 points.
The Sensex started the day in the negative at 57,531.95 points and slumped to a low of 57,134.72 points in the intra-day. The index witnessed heavy selling pressure in the last hour of trading due to weakness in the global markets.
The Sensex closed in the red for the first time in three days. The index had rallied 874.18 points or 1.53 per cent on Thursday.
The broader Nifty 50 of the National Stock Exchange slumped 220.65 points or 1.27 per cent to 17,171.95 points against its previous day's close at 17,392.60 points.
The index came under selling pressure after two days of the rally. The Nifty 50 had gained 256.05 points or 1.49 per cent on Thursday.
There was heavy selling pressure in banking and financial stocks. State Bank of India dipped 3.08 per cent to Rs 500.40. IndusInd Bank slumped 2.94 per cent to Rs 959.90. Axis Bank tumbled 2.73 per cent to Rs 779.95. ICICI Bank dipped 1.95 per cent to Rs 747.35.
Hindustan Unilever 3.06 per cent down at Rs 2129.70; Dr Reddy's Laboratories 2.86 per cent down at Rs 4195; Bajaj Finserv 2.37 per cent down at Rs 15459.95; Infosys 2.03 per cent down at Rs 1585.70 and Tata Steel 1.88 per cent down at Rs 1277.75 were among the major Sensex losers.
Only six of the 30 scrips that are part of the Sensex closed in the positive. Mahindra & Mahindra rose 0.98 per cent to Rs 920.30. Bharti Airtel gained 0.50 per cent to Rs 738.45. Maruti Suzuki, Asian Paints, ITC and HCL Technologies were the other Sensex gainers.