Sensex drops 289 points to close at 39,452, Nifty also slumps by 91 points

Extending its losses for the third straight session, benchmark BSE Sensex slumped 289 points on Friday, dragged by banking stocks amid weak cues from global markets.

After cracking nearly 400 points during the day, the BSE gauge settled 289.29 points, or 0.73 per cent, lower at 39,452.07. The index hit an intra-day low of 39,363.45 and a high of 39,799.90.

Similarly. the broader NSE Nifty tumbled 90.75 points, or 0.76 per cent, to close at 11,823.30. During the day, the index touched a low of 11,797.70 and a high of 11,911.85.

Top losers in the Sensex pack included IndusInd Bank, Bharti Airtel, Tata Motors, Axis Bank, Kotak Bank, Bajaj Auto, Yes Bank, HCL Tech, HUL and Hero MotoCorp, falling up to 4.36 per cent.

According to experts, market mood was negative tracking weak cues from global markets amid rising crude oil prices after attacks on two oil tankers in the Gulf of Oman on Thursday, and continued uncertainty over trade talks between the US and China.

The United States has blamed Iran for the attacks as the incident came amid spiralling tensions between Tehran and Washington which has pointed the finger at Iran over earlier tanker attacks in May.

After spiking over 4 per cent over the past two days, Brent crude futures pared gains to trade 0.11 per cent lower at USD 61.24 per barrel.

Elsewhere in Asia, while Tokyo stocks ended in the green, bourses in Shanghai, Hong Kong and Seoul closed lower.

Exchanges in Europe were also trading in the red in early deals.

On the currency front, the Indian rupee depreciated 19 paise to 69.69 against the US dollar intra-day.

(With inputs from PTI)