(Representative image)
NEW DELHI: Equity indices ended lower for the second consecutive session on Friday with the benchmark index BSE Sensex sinking more than 600 points dragged by banking, financial and metal stocks amid a strong global sell-off.
The 30-share BSE index finished 634 points or 1.63 percent lower at 38,357; while the broader NSE Nifty was below 11,350.
Axis Bank, Tata Steel, NTPC, Bharti Airtel, SBI and Sun Pharma were the main laggards in the sensex package falling as much as 3.68 percent. 28 of 30 stocks ended in the red.
While Maruti and TCS were the only winners rising to 1.96 percent.
On the NSE platform, the Nifty PSU Bank, Metal, Bank, Financial Services sub-indices fell as much as 2.83%.
According to traders, domestic equities followed the sell-off of global equities.
Bank stocks tumbled after the Supreme Court on Thursday ordered banks not to declare any loans that were standard at the end of August as delinquent until new orders, raising uncertainty about recovery efforts.
“The banking industry will have to assess the dynamics of its individual balance sheet and ultimately wait for the clarity of the court order,” Mayuresh Joshi, head of equity research at William O’Neil & Co told Reuters news agency. .
On the global front, Wall Street stock exchanges ended heavy losses in the late-night session led by a slaughter in tech stocks with Apple shares falling around 8 percent.
Meanwhile, breaking its two-day losing streak, the rupee rallied to 33 paise and settled at 73.14 (provisional) against the US dollar.
Exchange data showed that foreign institutional investors bought shares worth Rs 7.72 million on a net basis on Thursday.
(With contributions from the agency)
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