Equity benchmark indices extended early losses on Friday and closed the week with deep cuts across all sectors. The BSE S&P Sensex was down by 634 points or 1.63 per cent at 38,357 while the Nifty 50 lost by 194 points or 1.68 per cent at 11,334.
All sectoral indices at the National Stock Exchange were in the red with Nifty metal down by 2.8 per cent, PSU bank by 2.3 per cent, private bank by 1.8 per cent and FMCG by 1.4 per cent.
Banking stocks slipped after the Supreme Court said on Thursday that accounts there were not treated as non-performing assets on August 31 will not be declared so until further orders.
State Bank of India lost by 2.8 per cent at Rs 207.20 per share while private lender Axis Bank retreated by 3.8 per cent.Tata Steel lost by nearly 4 per cent, JSW Steel by 3.3 per cent, Adani Ports by 3.5 per cent and Tata Motors by 3 per cent. NTPC, Grasim, Bharti Airtel and Dr Reddy`s too traded with a negative bias. However, Maruti Suzuki gained by 1.7 per cent to close at Rs 7,196.95 per share.
Meanwhile, Asian stocks had their worst session in two weeks after a tech-led plunge on Wall Street. Japan’s Nikkei dropped by 1.11 per cent and Hong Kong`s Hang Seng fell by 1.25 per cent while South Korea’s Kospi slipped by 1.15 per cent. At Wall Street overnight, Apple fell by 8 per cent, Tesla 9 per cent and Microsoft 6 per cent.