Sensex drops 134 points; financial stocks drag

Domestic equity benchmark Sensex ended 134 points lower on Friday, dragged by losses in financial stocks amid mixed global cues.

After swinging 564.69 points during the day, the 30-share BSE index settled 134.03 points or 0.34% lower at 38,845.82.

The NSE Nifty fell 11.15 points or 0.10% to finish at 11,504.95.

HDFC Bank was the top loser in the Sensex pack, shedding over 2%, followed by Kotak Bank, Bajaj Finserv, Maruti, Titan, SBI, HUL, HDFC and Tata Steel.

On the other hand, Bharti Airtel, M&M, NTPC, Tech Mahindra, Sun Pharma and PowerGrid were among the gainers.

According to traders, despite a positive start, domestic stocks ended on a negative note tracking weakness in financial stocks and foreign fund outflows.

Foreign institutional investors sold equities worth ₹ 249.82 crore on a net basis on Thursday, exchange data showed.

Meanwhile, bourses in Shanghai, Hong Kong, Seoul and Tokyo ended with gains, while most stock exchanges in Europe were trading with a negative bias.

Global oil benchmark Brent crude was trading 0.39% higher at USD 43.47 per barrel.

In the forex market, the rupee strengthened by 21 paise to close at 73.45 against the US dollar.

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