Sensex plunges 634 points; Nifty cracks below 11,350

Mumbai: The Sensex crashed 634 points while the Nifty closed below the 11,350-level on Friday as investors pressed the panic button after a tech-led rout on Wall Street.

Reliance Industries, banking and finance stocks accounted for the bulk of the losses.

The 30-share BSE Sensex opened on the backfoot and remained in the negative territory throughout the session. It finally finished at 38,357.18, down 633.76 points or 1.63 per cent.

Similarly, the NSE Nifty plunged 193.60 points or 1.68 per cent to close at 11,333.85.

Barring Maruti, which spurted 1.70 per cent, all Sensex stocks ended in the red.

Axis Bank was the biggest loser, declining 4.07 per cent, followed by Tata Steel, SBI, NTPC, Bharti Airtel, ITC, ICICI Bank, IndusInd Bank, Titan and HDFC.

According to traders, domestic benchmark indices followed the massive selloff in global equities.

Stock exchanges on Wall Street ended with heavy losses in the overnight session led by a carnage in technology stocks.

The Nasdaq slumped almost 5 per cent a day after it and the S&P 500 posted record closing highs. The Dow Jones Industrial Average fell 807.77 points, or 2.78 per cent.

Following suit, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended up to 1.25 per cent lower.

On the other hand, stock exchanges in Europe opened on a positive note.

Meanwhile, on a weekly basis, the Sensex plummeted 1,110.13 points or 2.81 per cent, while the Nifty lost 313.75 points or 2.69 per cent.