Sensex slumps 678 points; Nifty ends below 17,700

Mumbai: Equity benchmark Sensex tanked 678 points on Friday, tracking losses in index majors Reliance Industries, Infosys and HDFC Bank amid a weak trend in global markets.

The 30-share index plunged 677.77 points or 1.13 per cent to end at 59,306.93. Similarly, the NSE Nifty fell 185.60 points or 1.04 per cent to 17,671.65.

Tech Mahindra was the top loser in the Sensex pack, shedding over 3 per cent, followed by NTPC, IndusInd Bank, Kotak Bank and Reliance Industries.

On the other hand, UltraTech Cement, Tata Steel, Maruti, Titan and Dr Reddy's were among the gainers.

"The domestic market continued to witness selling as energy and private bank stocks remained under pressure following dull global sentiments," said Vinod Nair, Head of Research at Geojit Financial Services.

European markets opened weak even as the ECB decided to keep policy rates unchanged despite the inflationary pressure. US futures were trading in red following slow GDP growth and disappointing earnings from tech giants, he noted.

"Decisions of the Fed in its meeting next week will be a major factor that will drive global equities in the coming days," Nair added.

Elsewhere in Asia, bourses in Shanghai and Tokyo ended with gains, while Hong Kong and Seoul were in the red.

Stock exchanges in Europe were trading with losses in mid-session deals.

Meanwhile, international oil benchmark Brent crude advanced 0.23 per cent to USD 83.85 per barrel.