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 slumped 866.65 points or 1.56 per cent to 54,835.58 points 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 closed 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 slumped 271.40 points or 1.63 per cent to 16,411.25 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 4.11 per cent to Rs 673.20. Bajaj Finance slumped 4.91 per cent to Rs 6000.95. Bajaj Finserv tumbled 3.49 per cent to Rs 13643.50. HDFC dipped 2.84 per cent to Rs 2151.35.
Wipro tumbled 3.12 per cent to Rs 485.40. Infosys slumped 2.64 per cent to Rs 1543.45. TCS slipped 2.29 per cent to Rs 3433.
The index heavyweight Reliance Industries closed 0.74 per cent down at Rs 2621.15.
Only six of the 30 scrips that are part of the benchmark Sensex closed in the positive. Tech Mahindra rose 2.21 per cent to Rs 1291.50. Power Grid Corporation climbed 1.88 per cent to Rs 238.25. ITC, SBI, NTPC and Sun Pharma also closed in the positive. (ANI)