Sensex, Nifty fall as NBFC stocks drag

Sensex slips 465 points at  34,315.63 as selling pressure mounts. The Nifty of NSE fell at 10,304-mark, down 149 points.  The Sensex, opened on Friday distinctly weak at 34,563.29 and continued to fall to touch a low of 34,140-mark intraday.

Indiabulls Housing Finance, HCL Technologies, Yes bank, Reliance , HDFC  were major losers on the NSE, while HPCL, Sun Pharma, Vedanta, KOtak Bank and ITC were top losers.

Sentiments took a hit mainly on sell-off in Non Banking Financial companies (NBFCs), led by Indiabulls HF and Dewan Housing Finance, which dropped over 16% on prevailing liquidity concerns, dragging down the key indices down. The RBI today announced more steps to increase liquidity flows to the NBFCs.

Information Technology stocks were under selling pressure on Friday after U. S President administration said it is planning major changes in the H-1B visas.

Nifty IT index fell 3.16% to 14,476.85. Mindtree, HCL Tech, Tech Mahindra have fallen between range 5 to 16 percent, on Nifty IT index.