Equity benchmark indices traded lower by over one per cent during early hours on Friday in line with weak global cues.
At 10:15 am, the BSE S&P Sensex was down by 455 points or 1.17 per cent at 38,536 while the Nifty 50 lost by 140 points or 1.21 per cent at 11,388.
All sectoral indices at the National Stock Exchange were in the red with Nifty PSU bank down by 1.8 per cent, private bank by 1.7 per cent, financial service by 1.6 per cent, metal by 1.5 per cent and IT by 1.4 per cent.
Banking stocks slipped after the Supreme Court said on Thursday that accounts there were not treated as non-performing assets on August 31 will not be declared so until further orders.
State Bank of India lost by 1.9 per cent at Rs 209 per share while private lenders Kotak Mahindra Bank, Axis Bank and ICICI Bank retreated by 1.9 per cent, 1.8 per cent and 1.7 per cent respectively.
The other prominent losers were Wipro, HCL Technologies, Hindalco, JSW Steel, Adani Ports and Zee Entertainment.
However, Bharti Infratel gained by 5.2 per cent as Maruti Suzuki, Hero MotoCorp, Britannia and Cipla traded with a traded bias.
Meanwhile, Asian stocks had their worst session in two weeks after a tech-led plunge on Wall Street. MSCI's broadest index of Asia Pacific shares outside Japan fell by 1.6 per cent.
Japan's Nikkei dropped by 1 per cent and Hong Kong's Hang Seng fell by 1.8 per cent. At Wall Street overnight, Apple fell by 8 per cent, Tesla 9 per cent and Microsoft 6 per cent.