Sensex nosedives 984 points on bank sell-off

HDFC twins were the top losers in the Sensex pack, shedding over 4 per cent, followed by ICICI Bank, Kotak Bank, Asian Paints, M&M, HUL, TCS and Maruti.

NSE Nifty tanked 263.80 points to 14,631.10.

Snapping its four-session winning run, market benchmark Sensex plummeted 984 points on Friday, tracking an intense selloff in financial stocks amid a negative trend in Asian equities.

The 30-share BSE index sank 983.58 points or 1.98 per cent to finish at 48,782.36.

Similarly, the broader NSE Nifty tanked 263.80 points or 1.77 per cent to 14,631.10.

HDFC twins were the top losers in the Sensex pack, shedding over 4 per cent, followed by ICICI Bank, Kotak Bank, Asian Paints, M&M, HUL, TCS and Maruti.

On the other hand, ONGC, Sun Pharma, Dr Reddy's and Bajaj Auto were the gainers.

According to Binod Modi, head-strategy at Reliance Securities, domestic equities fell sharply on weak global cues and heavy sell-off in financial stocks.

Asian markets traded weak on emerging concerns about growth after China's factory activity expanded slower than expected in April.

Barring pharma, metals and IT, most of key sectoral indices saw selling pressure.

"Persistent rise in daily caseload and higher number of deaths continue to remain matter of concerns for central and state governments and therefore any possibility of further economic restrictions cannot be ruled out by the state governments.

"Market is expected to be volatile until we see a clear reversal in COVID-19 cases," he said.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo ended on a negative note.

Photograph: Shailesh Andrade/Reuters