Sensex and Nifty 50 fell over a percent each amid heavy selling across the board. Broader markets also reeled under selling pressure as the Nifty Midcap 100 and the Nifty Smallcap 100 indices declined over 2% each.

Equity benchmark indices Sensex and Nifty buckled under selling pressure to settle nearly 1 per cent lower on Friday as investors pared exposure to bank and IT stocks ahead of the earnings season star

The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading around 24,190 level, a discount of nearly 92 points from the Nifty futures’ previous close.

Falling IT, pharma, healthcare, and bank stocks caused the stock market to crash during the later trading hours

Even as the Indian stock market benchmark Sensex crashed over 700 points, or nearly 1%, almost 200 stocks hit their fresh one-year highs in intraday trade on the BSE on Friday, January 3. HCL Tech, Mahindra and Mahindra,