Sensex tumbles 658 points; banking & financial stocks slump

MUMBAI: The Indian stock market's key indices, Sensex and Nifty, slumped by over 1 per cent in the afternoon session on Friday dragged by heavy selling pressure in banking and financial stocks amid negative global cues.

The 30 stock S&P BSE Sensex was trading 658.14 points or 1.09 per cent down at 59,639.86 points at 12.59 pm against its previous day's close at 60,298.00 points.

Earlier, the 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 59,522.18 points.

The broader Nifty 50 of the National Stock Exchange was trading 177.80 points or 0.99 per cent down at 17,778.70 points against its previous day's close at 17,956.50 points.

The markets witnessed 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 hitting a low of 17,727.70 points.

There was heavy selling pressure in banking and financial stocks.

IndusInd Bank slumped 2.58 per cent to Rs 1076.55. Bajaj Finserv dipped 2.50 per cent to Rs 16390. State Bank of India dipped 1.77 per cent to Rs 523. The index heavyweight Reliance Industries Limited was trading 1.44 per cent down at Rs 2622.25.

NTPC, Hindustan Unilever, ICICI Bank, Power Grid Corporation, Bajaj Finance, Maruti Suzuki and Asian Paints were among the major Sensex losers.

However, the IT stocks bucked the trend. Infosys, Wipro, HCL Technologies, Tech Mahindra and TCS were trading in the positive.