Stock Market: Nifty slips below 16,400, Sensex tanks nearly 900 points; all sectors in red

Tracking Asian peers and Wall Street rout, the Indian markets opened negatively on the last trading day of the week. Benchmarks Nifty50 and the Sensex fell more than 1.5% as global cues weighed on the domestic market. The broader Nifty 50 slipped below 16,500 and the Sensex tanked around 900 points in the opening trade. The two indices opened at 16,419.15 and 54,928.29 as all sectors turned negative with Nifty Realty, consumer durables and metal taking the maximum beatings. The Nifty 50 even slipped below 17, 400, minutes into the opening as all 50-shares on the bluechip index declined with no gainers.

Underperforming benchmarks, Nifty midcap and small cap dropped more than 2% each as India VIX went past 21-mark.  

In the pre-open, the Sensex tanked nearly 2% or around 1100 points as all stocks turned red on the 30-share index.  

"The Nifty50 witnessed pressure in the second half of the trading session on Thursday as it slipped below the 16,800-level once again and made matching lows with the session seen on Wednesday. A follow-through move below 16,600-level will surely intensify the bearish pressure on the index, while visible support is seen at 16,500-16,400 zone, " said Viraj Vyas, Technical and Derivatives analyst at Ashika Broking 

Earlier SGX Nifty Futures was trading lower by more than 250 points or over 1.5% on the Singaporean exchange around 9 am on Friday, hinting negative opening for the Indian market.  

Besides, all major Asian indices were trading in the red on Friday too as Japanese Nikkei 225 was down 0.10%, Hang Seng Index at the Hong Kong Exchange declined more than 2.5% and Chinese Shangahi Composite was trading lower by 1.5% in the early trade.