Equity indices dip 1% on weak global cues, banking stocks crack

Equity benchmark indices traded lower by over one per cent during early hours on Friday in line with weak global cues.

At 10:15 am, the BSE S-P Sensex was down by 455 points or 1.17 per cent at 38,536 while the Nifty 50 lost by 140 points or 1.21 per cent at 11,388.

All sectoral indices at the National Stock Exchange were in the red with Nifty PSU bank down by 1.8 per cent, private bank by 1.7 per cent, financial service by 1.6 per cent, metal by 1.5 per cent and IT by 1.4 per cent.

Banking stocks slipped after the Supreme Court said on Thursday that accounts there were not treated as non-performing assets on August 31 will not be declared so until further orders.