Sensex Falls Over 300 Points, Nifty Drops Below 11,500

Domestic stock markets suffered sharp losses on Friday after starting the session on a positive note. The S&P BSE Sensex index plunged as much as 302.12 points to hit 38,718.27 on the downside, as the markets erased all of the day's gains. The broader NSE Nifty benchmark slid to as low as 11,490.75, down 91.85 points from the previous close. A selloff across financial, automobile and pharmaceutical stocks deepened, pulling the markets lower in afternoon deals. The Sensex had added more than 200 points to touch an intraday high of 39,241.61 and the Nifty climbed to as high as 11,646.90 in the first half of the session. Analysts awaited Tata Motors to report its financial results for the second quarter of current financial year later in the day.