Sensex, Nifty Tumble Amid Bank Selloff

Indian shares succumbed to heavy selling pressure on Friday, with banks and financials among the worst hit.

The benchmark 30-share BSE Sensex slumped as much as 983.58 points, or 1.98 percent, to 48,782.36, snapping a four-day winning streak.

The broader NSE Nifty index ended down 263.80 points, or 1.77 percent, at 14,631.10 on the back of weak Asian cues and amid unabated rise in COVID-19 cases in the country as the Health Ministry reported another record number of new cases.

Traders also looked ahead to the outcome of state assembly election results due on Sunday for direction.

Both the Sensex and Nifty had opened in the red and slipped further as the session progressed.

Asian Paints, Kotak Mahindra Bank, ICICI Bank, HDFC Bank and HDFC lost 3-4 percent, while IOC, Divis Laboratories, Grasim, Coal India and ONGC climbed 2-4 percent.

Reliance Industries gave up 1.4 percent ahead of its earnings release later in the day.

Globally, other Asian markets fell broadly on pandemic worries and concerns about China's crackdown on tech companies, while European markets were slightly higher in early trade.

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