Sensex slumps 700 points, gives up 49,000

Mumbai (IANS) A day after claiming the landmark 50,000 level for the first time, the BSE Sensex plunged below the 49,000 mark on Friday.

It fell 746.22 points, or 1.50 per cent, to close at 48,878.54 as heavy selling was witnessed in banking, finance and metal stocks.

The Nifty50 on the National Stock Exchange closed at 14,371.90, lower by 218.45 points, or 1.5 per cent, from its previous close.

The major losers on the Sensex were Axis Bank, Asian Paints and the State Bank of India.

The top gainers were Bajaj Auto, Hindustan Unilever and UltraTech Cement.

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