Markets plunge amid selling pressure

Mumbai: Indian equity indices buckled under selling pressure for the second straight day on Friday as slowing growth and lack of buying triggers took a toll on investor sentiment.

Market mood was risk-averse a day after the RBI disappointed on the rate cut front and also projected slower growth for this fiscal, traders said.

Additionally, concerns over the fiscal deficit and a weakening rupee weighed on bourses, they added.

After opening on a positive note, the 30-share BSE Sensex witnessed a continuous slide and went on to hit an intra-day low of 40,337.53.

The index finally settled at 40,445.15, down 334.44 points or 0.82 per cent. Likewise, the 50-share Nifty shed 96.90 points or 0.81 per cent to settle at 11,921.50.

On a weekly basis, the Sensex dropped 348.66 points or 0.85 per cent; while the Nifty lost 134.55 points or 1.11 per cent.

Sectorally, BSE auto index suffered the most by losing over 1.80 per cent, followed by finance, utilities, realty and bankex.

Telecom index was the sole gainer on the chart. Shares of oil and gas companies fell amid reports that OPEC and other major producers will announce fresh output cuts.

Crude benchmark Brent Futures rose 0.30 per cent to trade at $63.58 per barrel. The Indian rupee was trading near the day's low level at 71.40 per dollar.

In contrast to the Indian market, Asian bourses were trading higher as investors turned hopeful of the US and China striking a phase one trade deal following President Donald Trump's latest comments that both sides were moving on track.