The benchmark S&P BSE Sensex fell about 1.2% on Friday led by banking and heavyweight stocks.

The Sensex slumped 1,017.23 points to close at 81,183.93. Sensex stocks which lost most value included State Bank of India(4.4%), ICICI Bank (2.22%), NTPC (2.08%), HCL Tech (2.02%), Reliance (1.92%) and Tata Motors (1.87%). The NSE Nifty-50 index too fell 1.17% to 24,852.15.

Ameya Ranadive, Certified Market Technician, StoxBox said: “The massive sell-off can be attributed to the final deadline for FPIs to disclose their beneficial owners to the Securities and Exchange Board of India.

“Failure to meet this requirement would result in FPIs’ disqualification from investing in India, forcing liquidation of their holdings. This regulatory pressure led FPIs to sell their stock, causing a broad market decline,” he added.

“The market itself were in tandem with the frontline indices, mirroring the effect of the profit booking. In this bloodied market, all the sectors traded in the red, largely due to the profit bookings,” he added.