Sensex drops over 300 points, Nifty slips below 8,450

The BSE Sensex dropped over 300 points, while the Nifty50 fell below crucial support of 8,450 level in the early trading session on Friday. Active selling was seen in index heavyweights such as HDFC, ITC and ICICI Bank.

The stock markets fell sharply in early trade, following a sharp fall in Asian markets, rattled by surging US 10-year bond yields. The BSE Sensex had fallen 354.10 points to hit a low of 27,163.58, led by selling in banking, auto and FMCG stocks. 

HDFC tanked 3 per cent, followed by Coal India, Bajaj Auto and Hero MotoCorp which fell up to 2.5 per cent. 

Sun Pharma jumped 3 per cent after reporting a 90 per cent YoY rise in Q2 numbers. It was the only Sensex stock trading in the green. Real estate and jewellery stocks, Indiabulls Realty and PC Jeweller dropped up to 5 per cent.