Equity benchmark BSE Sensex tumbled 260 points on Friday, dragged by losses in banking and financial stocks as RBI's rate cut and other measures to prop up the economy failed to meet market expectations.

Axis Bank was the top laggard in the Sensex pack, plunging more than 5 per cent, followed by HDFC, Bajaj Finance, ICICI Bank, Tata Steel, Bajaj Auto, HDFC Bank and IndusInd Bank.

On the other hand, M&M, Infosys, Asian Paints, UltraTech Cement and Tech Mahindra were among the gainers.

Earlier in the day, the Reserve Bank of India (RBI) unexpectedly slashed benchmark interest rates to their lowest levels since 2000 in a effort the revive the economy.

The 30-share benchmark index ended at 30672.59 down by -260.31 points or by -0.84 % and then NSE Nifty was at 9039.25 down by -67 points or by -0.74 %.

Sensex touched intraday high of 31107.91 and intraday low of 30474.88 The NSE Nifty touched intraday high of 9149.6 and intraday low of 8968.55

The top gainers of the BSE Sensex pack were Mahindra & Mahindra Ltd. (Rs. 426.55,+4.46%), Infosys Ltd. (Rs. 692.25,+3.01%), Asian Paints Ltd. (Rs. 1617.85,+2.72%), UltraTech Cement Ltd. (Rs. 3638.40,+1.90%), Mahindra & Mahindra Ltd. (Rs. 529.70,+1.88%), among others.

The top losers of the BSE Sensex pack were Axis Bank Ltd. (Rs. 337.10,-5.65%), Housing Development Finance Corporation Ltd. (Rs. 1516.55,-4.99%), Bajaj Finance Ltd. (Rs. 1895.95,-4.67%), ICICI Bank Ltd. (Rs. 291.20,-4.32%), Bajaj Auto Ltd. (Rs. 2552.75,-3.28%), among others.

Among the sectors, TECk index was at 7251.83 up by 102.9 points or by 1.44%. Zee Entertainment Enterprises Ltd. (Rs. 163.15,+6.15%), Tejas Networks Ltd. (Rs. 31.35,+4.85%), Infosys Ltd. (Rs. 692.25,+3.01%), Sun TV Network Ltd. (Rs. 396.00,+2.54%), Jagran Prakashan Ltd. (Rs. 38.45,+2.53%),.' Bankex index was at 19909.45 down by -497.17 points or by -2.44%. Axis Bank Ltd. (Rs. 337.10,-5.65%), Federal Bank Ltd. (Rs. 37.35,-5.08%), ICICI Bank Ltd. (Rs. 291.20,-4.32%), RBL Bank Ltd. (Rs. 107.25,-4.20%), City Union Bank Ltd. (Rs. 127.10,-2.72%),.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2687 , shares advanced were 1095 while 1404 shares declined and 188 were unchanged.