The banking gauge, Nifty Bank, slipped in opening trade on Friday, slipping 170 points lower to 28,108.70. By 9:55 am, it slipped further to 27,814.20, further falling by around 300 points. All constituents from the Nifty Bank index traded in the red.
IndusInd Bank remained the top loser amongst peers, down 2.69 percent followed by Federal Bank, IDFC First Bank and State Bank of India. All these stocks traded over 2 percent lower.
Meanwhile, index heavyweights like HDFC Bank, Kotak Mahindra Bank, ICICI Bank and Axis Bank fell up to 1.5 percent, dragging the benchmarks.
The overall market sentiment remained weak due to the heavy sell-off in the United States and Europe as investors feared the economic impact of an accelerating rise in coronavirus infections.