Markets slumps for second day, banking sector top drag

NSE Nifty closed below the 10,100-mark by slumping nearly 95 points.

New Delhi: Benchmark BSE Sensex slumped about 340 points Friday to settle at 33,349.31on fresh weakness in the rupee, weak opening of November derivatives amid a global sell-off.

The 30-share Sensex touched a high of 33,776.80 and low of 33,291.58 intra-day. It finally settled 340.78 points, or 1.01 percent lower at 33,349.31. The gauge had lost 344 points on Thursday.

Also, the broader NSE Nifty closed below the 10,100-mark by slumping 94.90 points, or 0.94 percent at 10,030.00. It shuttled between 10,128.85 and 10,004.55 during the session.

Yes Bank was the worst performer in the Sensex pack falling by upto 8.97 percent after it Thursday reported a 3.8per cent decline in September quarter net at Rs 964.7 crore. Stocks of Yes Bank have lately seen a bit of volatility as its CEO Rana Kapoor's term was curtailed by over two years by RBI for unspecified reasons and a bank request for extension of his term beyond January 31, 2019 was also rejected by the regulator.

Laggards included ICICI Bank, Power grid, NTPC, HUL, ITC, Infosys, ONGC, Kotak bank, TCS, Indusind bank and Axis Bank, falling by upto 4.04 percent. Bucking the trend, Tata Motors, Reliance, Bajaj Auto, Bharti Airtel, Tata Steel, HDFC and Heromoto Corp rose by upto 2.09 points.

Global stocks slid lower on Friday and were set for their worst week in more than five years, a Reuters report said. The leading index of euro zone stocks fell 1.5 percent. Germany`s DAX was down 1.7 percent and France`s CAC 40 down 1.8 percent. The MSCI All-Country World Index, which tracks shares in 47 countries, was down 0.3 percent after trading began in Europe. It was set for its fifth straight week of losses, its worst losing streak since May 2013.

With Agency Inputs