Sensex, Nifty lower; blue-chip stocks fall

Reuters Market Eye - The BSE Sensex is down 0.65 percent while the broader NSE Nifty was down 0.58 percent on profit-taking after hitting a record high on Thursday.

Shares are being dragged down by a slide in the region as steep falls in U.S. technology and biotechnology stocks are spreading to other sectors and regions.

Reliance Industries was down 1.2 percent,, State Bank of India was down 1.02 percent and Mahindra & Mahindra was down 1.6 percent.

Bank shares <.NSEBANK> fall 0.8 percent after a Reserve Bank of India (RBI) panel recommended a slew of measures, including potentially changing how lending rates are set for the sector, raising worries about overall profitability.

 

(Reporting by Indulal P)