Sensex settles 267 points lower, Nifty below 9,300 as banking stocks dip

The breadth, indicating the overall health of the market, was significantly weak

The benchmark indices settled lower on Friday as banking stocks dipped after the government notified the Banking Regulation (Amendment) Ordinance, 2017, while a drop in crude prices dragged down oil explorers such as ONGC and Oil India.

The S&P BSE Sensex ended at 29,858, down 267 points, while the broader Nifty50 closed at 9,285, down 75 points. The Nifty50 index reversed course seconds after hitting its fresh all-time high of 9,367 in early trade.  

India VIX, essentially a fear gauge, closed the day at 11.98, rising over 5% from the previous close.

In the broader market, the S&P BSE