Sensex tanks 626 points, Nifty slides below 11,400

New Delhi: Markets opened with deep cuts on Friday in tandem with global stocks.

The BSE Sensex tanked 625.93 points or 1.61 percent to 38,365.01 in early trade while the NSE Nifty fell 173.05 points or 1.50 percent to 11,354.40.

All the indices in the Sensex pack were trading in the red. Banking and financials took hard hit with ICICI Bank being the top loser, falling upto 3.07 percent. Others included SBI, IndusInd Bank, Kotak Bank, Axis Bank and Tata Steel, falling upto 3.03 percent.

Asia`s stock markets had their worst session in two weeks on Friday following a tech-led plunge on Wall Street, a Reuters report said. MSCI`s broadest index of Asia-Pacific shares outside Japan fell 1.6% and looked set for a 2.4% weekly loss, its biggest since April. Japan`s Nikkei dropped 1%, Hong Kong`s Hang Seng fell 1.8% and Australia`s ASX 200 2.8%.

Thursday`s tumble was the biggest one-day percentage drop on the tech-focused Nasdaq 100 since March and the darling stocks of recent months were hit hardest. Apple fell 8%, Tesla 9% and Microsoft 6%, Reuters added.

In the previous session on Thursday the BSE Sensex ended 95.09 points or 0.24 per cent lower at 38,990.94; while the NSE Nifty closed 7.55 points or 0.07 per cent down at 11,527.45.

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