Sensex slumps 652 points; banking & financial stocks dip

August 19, Mumbai: The key indices of the Indian stock market, the Sensex and Nifty, fell more than 1% on Friday, dragged down by heavy selling pressure in banking and financial stocks amid negative global cues.

The 30-stock S&P BSE Sensex fell 651.85 points, or 1.08 percent, to 59,646.15 points after closing at 60,298.00 points the previous day.

Earlier in the day, the Sensex opened in the green at 60,351.23 points and rose to a high of 60,411.20 points in the morning session. Around noon, the Sensex came under heavy selling pressure. The selling pressure increased in the afternoon session, causing the index to fall to 59,474.57 points intraday.

The Nifty 50 index of the National Stock Exchange fell 198.05 points, or 1.10 percent, to 17,758.45 points from its previous day’s close of 17,956.50 points.

Banking and financial stocks were under heavy selling pressure. IndusInd Bank’s share price fell 3.82 percent to Rs 1062.85. Bajaj Finserv’s share price fell 3.08 percent to Rs 16292.85. Bajaj Finance dropped 2.53% to Rs 7301.20. The stock of State Bank of India fell 2.25 percent to Rs 520.40.