Sensex falls, GDP dashes rate cut hopes

The Sensex fell on Friday as lenders such as ICICI Bank were hit after stronger-than-expected GDP data for April-June dashed hopes for rate cuts next month, while Reliance Industries fell after Citigroup downgraded the stock.

ICICI Bank retreated 1.8 percent, while Axis Bank lost 2.3 percent.

The Sensex provisionally fell 0.92 percent, while the Nifty fell a provisional 1.1 percent.

Reliance Industries fell 2.3 percent.