Sensex drops 298 pts; Nifty slips below 11,250

Fall in bank stocks led to a decline of almost a % in benchmark indices, but many factors played a role. Worries over economic slowdown became more pronounced with Moody’s slashing India’s GDP forecast.

Global markets too remained dull as investors were cautious ahead of the US-China trade talks.

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BSE flagship index Sensex ended at 37,880, down 298 points or 0.78% while its NSE counterpart Nifty slipped below the 11,250 mark to close at 11,235, down 79 points or 0.70 per cent.

HDFC Bank, ICICI BankNSE -2.98 % and IndusInd BankNSE -6.12 % were among the top drags on Sensex.

IndusInd Bank, YES Bank, Tata MotorsNSE -3.39 %, Vedanata and ICICI Bank were the worst performers, falling up to 6.15 per cent.

Among mainboard stocks, shares of Indiabulls Housing Finance ended 18.85 per cent lower after the Reserve Bank of India rajected merger with Lakshmi Vilas BankNSE -4.82 % late Wednesday evening. The scrip hit 52-week low of Rs 187.50 intraday.

Bank and financials were among the two worst performing indices on BSE on weekly futures and options expiry day.

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