Selling in banks and FMCG stocks pushed major indexes steeply lower on Friday. The barometer index, the S&P BSE Sensex, fell 289.29 points or 0.73% to 39,452.07, as per the provisional closing data. The Nifty 50 index fell 90.75 points or 0.76% to 11,823.30, as per the provisional closing data.

After opening lower, the benchmarks continued hovering in a narrow range with modest losses for most part of the session. However, a steep selling pressure emerged in the final hour of the trade. The Nifty managed to end above the 11,800 mark after slipping below that level in late trade.

The market breadth was inclined towards sellers. On BSE, 804 shares advanced and 1715 shares declined. A total of 147 shares were unchanged. The BSE Mid-Cap index was down 1.02%. The BSE Small-Cap index was down 0.76%.

FMCG shares slumped. Hindustan Unilever (down 1.25%), Nestle India (down 1.03%), Britannia Industries (down 1%), Dabur India (down 1.88%), Godrej Consumer Products (down 2.81%), Marico (down 2.08%) and ITC (down 0.73%), edged lower.

Private sector banks tumbled. Axis Bank (down 2.53%), Kotak Mahindra Bank (down 2.3%), ICICI Bank (down 0.7%) and HDFC Bank (down 0.62%), edged lower.

IndusInd Bank slumped 4.43% to Rs 1424.

Yes Bank was down 1.71% to Rs 115.20, extending recent steep fall. The stock hit a 52-week low of Rs 113 in intraday today. The stock is currently down 22.14% in June so far from its close of Rs 147.95 on 31 May 2019.

Among public sector banks, Punjab & Sind Bank (down 2.67%), Bank of Maharashtra (down 2.48%), Bank of Baroda (down 2.03%), United Bank of India (down 1.76%), IDBI Bank (down 1.24%), State Bank of India (down 0.98%) and Central Bank (down 0.87%), edged lower.

Overseas, European shares were trading lower Friday as tensions heightened between the US and Iran following attacks on two oil tankers in the Gulf of Oman on Thursday.

Most Asian stock markets ended lower. US stocks gained on Wednesday on expectations that trade officials from the US and China will clinch a deal on the sidelines of a G-20.

In the commodities market, Brent crude futures for August 2019 settlement was down 36 cents at $60.95 a barrel. The contract increased by $1.34 or 2.23% to settle at $61.31 a barrel during the previous trading session amid reports of tanker explosions in the Gulf of Oman near the Iranian coastline.