For the second straight session, the benchmark equity indices lost more than 1% each on Friday as a mix of factors like weak global cues and a sell-off in index heavyweights like Reliance Industries and HDFC along with fresh liquidity concerns affected investor sentiment.

The 30-share Sensex lost more than 600 points during intraday trades, before closing at 34,315.63, down 463.95 points or 1.33%. The declines were led by Yes Bank that lost over 6%, followed by RIL and HDFC with both shedding over 4% each.

On Friday, index heavyweight RIL announced a 17.4% rise in its consolidated net profit for the second quarter ended September 30 but concerns remained on the oil business with weak gross refining margins.

Meanwhile, the broader Nifty lost 149.50 points, or 1.43%, to close at 10,303.55. Elsewhere in Asia, the benchmarks of Japan, Taiwan, Singapore and Australia also ended in the red.

Negative news

“Markets continue to be extremely volatile on the back of various negative news which has kept investors on the edge,” said Hemang Jani, head — advisory, Sharekhan. “IT stocks slumped on news that the Trump administration may tweak the H-1B visa rules in the coming months.

“On earnings, Reliance and Ultratech plunged after posting poor numbers. Post the IL&FS crisis, NBFCs are facing credit crunch with liquidity drying up,” added Mr. Jani.