Metal, banking scrips drag down equity gauges by 1.5%

Equity benchmark indices dipped by 1.5 per cent on Friday as traders booked profits over metals and banking counters.

At the closing bell, the BSE S-P Sensex was down by 746 points or 1.5 per cent at 48,879 while the Nifty 50 slipped by 218 points or 1.5 per cent to 14,372.

Except for Nifty auto, which rose by 1.5 per cent and IT, all other sectoral indices at the National Stock Exchange were in the red.

Among stocks, JSW Steel fell by 3.9 per cent to Rs 377.70 per share while Hindalco lost by 3.7 per cent and Tata Steel by 2.9 per cent.