Mumbai, Indian stock markets plummeted on Friday with the BSE Sensex falling over 670 points to settle below the psychological mark of 28,000.

The Nifty50 on the National Stock Exchange (NSE) ended just above the 8,000 mark.

The decline was in line with the global stock markets, which fell due to the growing number of novel coronavirus cases worldwide.

The Sensex closed at 27,590.95, lower by 674.36 points or 2.39 per cent from the previous close of 28,265.31.

It had opened at 28,623.53 and touched an intra-day high of 28,639.12 and low of 27,500.79 points.

The Nifty50 settled at 8,083.80, lower by 170 points or 2.06 per cent from its previous close.

Vinod Nair, Head of Research at Geojit Financial Services, said: "The Indian markets opened and stayed negative, with reduced volatility. A ratings downgrade for the banking sector, due to the impact of Covid-19 and ensuing stressed asset concerns, impacted the financial stocks."

Broad market indices like the BSE Midcap and Small Cap indices lost less, thereby outperforming the Sensex and Nifty, said Deepak Jasani, Head of Retail Research at HDFC Securities. Market breadth was positive on the BSE and NSE, he added.

Among the sectoral indices, all the sectors lost, led by BSE Banking, Auto, IT and Consumer Durables indices.

"Major Asian markets have closed on a mixed note. European indices like FTSE, CAC and DAX are trading in the red," said Jasani.

The major gainers on the Sensex were Sun Pharmaceuticals (up 9.42 per cent), ITC (6.88 per cent) and ONGC (6.24 per cent), while the major losers were Axis Bank (down 9.16 per cent), IndusInd Bank (8.49 per cent) and ICICI Bank (8.01 per cent).