Sensex Dips Below 31,000 Points, Heavyweights Drag

Benchmark indices were trading lower, after Thursday's market carnage, with heavyweights Reliance Industries, HDFC Bank and ICICI Bank dragging the indices lower.

Investors were not enthusiastic after the second tranche of the economic package announced by the Finance Minister.

Global cues were relatively quiet. Most Asian markets were trading flat, with the Japanese Nikkei marginally up in trade, while the Hong Kong's Hang Sang and the Korean Kospi was lower.

The Sensex was trading lower by 161 points, while the Nifty lost 48 points in trade.

Shares in Biocon fell 1 per cent after the company posted a profit before tax of Rs 204 crore for the fourth quarter of FY20.

IndiaBulls Real Estate was trading marginally higher, despite reporting a consolidated net loss of Rs 109.78 crore for the quarter ended March due to lower income.

Mannapuram Finance Company saw its shares surge 5 per cent, after the reported a near 44 percent increase in net profit at Rs 398.20 crore for the quarter ended March 2020, on robust interest income.

Among the Nifty stocks that lost maximum ground were Bharti Airtel, Zee Entertainment, HDFC Bank, ICICI Bank and IndusInd Bank. Among the stocks that gained from the Nifty were Britannia, BPCL and ONGC.