Global cues pull equities lower; banks stocks slump

Indian equities on Friday plunged into the negative territory amid a global sell-off, with the key indices -- the BSE Sensex and NSE Nifty50 -- shedding 407.40 points and 121.90 points, a fall of over 1 per cent each .

According to market observers, heavy selling pressure in banking, auto and capital goods stocks added to the downward trajectory of the equity indices.

On the global front, Asian markets slumped on Friday tracking the decline in US stocks overnight (Thursday). The benchmark Dow Jones declined over 1,000-points for the second time this week as rising bonds yields dented investors' sentiments.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 34,002.45 points, closed at 34,005.76 points -- down 407.40 points or 1.18 per cent from its previous session's close.

However, the BSE market breadth was slightly bullish with 1,428 advances and 1,348 declines.

On the National Stock Exchange (NSE), the wider Nifty50 fell by 121.90 points or 1.15 per cent to provisionally close (at 3.30 p.m.) at 10,454.95 points.

On Thursday, the equity indices propelled to close on a higher note on the back of bargain hunting by investors after seven consecutive days of losses.

The Nifty50 closed higher by 100.15 points or 0.96 per cent at 10,576.85 points while the Sensex closed at 34,413.16 points -- up 330.45 points or 0.97 per cent.

--IANS

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