Bears tighten grip, PSU bank and auto stocks worst hit

Equity benchmark indices cracked further on Friday amid weak Asian cues with banking and auto majors taking a hit. The BSE S-P Sensex closed 435 points or 0.85 per cent lower at 50,890 while the Nifty 50 edged slipped by 137 points or 0.91 per cent to 14,982. All sectoral indices at the National Stock Exchange were in the red with Nifty PSU bank down by 4.7 per cent, auto by 2.6 per cent and metal by 1.9 per cent. Among stocks, Hero MotoCorp lost by 3.7 per cent to Rs 3,390.75 per share while Tata Motors skidded by 3.5 per cent, Bajaj Auto by 2.7 per cent and Eicher Motors by 2.5 per cent.