Extending losses to the eighth straight day, Nifty dropped 420.35 points or 1.86 per cent to 22,124.70. Sensex and Nifty 50 are down six per cent for the month.

Indian benchmark equity indices, Sensex and Nifty, traded lower on Friday, weighed down by heavy losses in banking and IT stocks, as investors awaited key GDP data and responded to fresh comments from U.

Coal India, HDFC Bank, Shriram Finance, Axis Bank and Reliance gained, while IndusInd, Tech Mahindra, Titan, Wipro and M&M traded among major laggards. Aarti Drugs, Adani Green Energy, ACC, and ABB India stocks hit 52-week low.

The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading around 22,542 level, a discount of nearly 141 points from the Nifty futures’ previous close.

Taking cue from the weak global trends, both BSE Sensex and NSE Nifty 50 tanked on Friday, leaving investors high and dry, making them poorer by over Rs 9 lakh crore. The market capitalisation of all listed companies on the BSE dropped by Rs 9.