LIVE market updates: The bears were firmly in control of the Indian markets on Friday as the benchmark indices dropped over 2 per cent in late morning deals. Volatility index, India VIX, meanwhile shot up 24 per cent.
The S&P BSE Sensex tumbled 1,700 points and gave up 50,000 to hover around 49,360-mark. The Nifty50 index, meanwhile, fell below the 14,600 level. ICICI Bank, IndusInd Bank, and Axis Bank fell 3 per cent each and were the top Sensex laggards.
The Nifty sectoral indices were painted red, with the Nifty Bank index, down over 2 per cent, bleeding the most.
The damage was relatively contained in the broader markets, where the S&P BSE MidCap and SmallCap indices were trading 0.5 per cent and 0.3 per cent lower, respectively.