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“Banks have borne the maximum brunt of FII selling which continues unabated even now. Once that settles down, we have seen some of the stocks like ICICI Bank, HDFC Bank seeing some kind of consolidation. Once this massive selloff from FIIs abates, these would be the ones which pick up first as the market recovers.”

On PNB, Morgan Stanley said Q4 profit was 81 per cent lower than its estimates despite a big beat on costs.

Cera Sanitaryware Ltd., incorporated in the year 1998, is a Mid Cap company (having a market cap of Rs 5166.19 Crore) operating in Building Materials sector.

In the IPO, Delhivery will issue fresh equity shares worth Rs 4,000 crore. Existing shareholders and promoters will offload shares worth Rs 1,235 crore.

Among Sensex stocks, Mahindra & Mahindra fell 2.5 per cent to Rs 864.35. Tata Steel declined 2.46 per cent to Rs 1,137.60. Bajaj Finance fell 2.41 per cent to Rs 5,666.50. UltraTech Cement, HDFC Bank, Sun Pharma and IndusInd Bank were some other Sensex stocks, which declined over 2 per cent.

The dollar index, which measures the greenback against six major peers, slipped about 0.1% to 103.92 on Thursday, but was still close to the 104.19 level reached at the start of the week for the first time since late 2002. The consumer price index climbed 8.3% on an annual basis in April, easing from 8.5% in March but outstripping the 8.1% estimate of economists.

Stocks fell and the dollar held firm on Thursday as data showed U.S. inflation persistently high, and investors worried about the economic toll of aggressive interest rate hikes to tame it. U.S. markets whipsawed after the news, then closed sharply lower. S&P 500 futures rose 0.5% in a bumpy Asia session. Foreign exchange trade was also volatile, but has left the dollar index within a whisker of a two-decade high.

HDFC Bank, which had announced a final dividend of Rs 15.5, will go ex-dividend today. Indian Card Clothing company, which had announced a special dividend of Rs 25, will also go ex-dividend today.

Stocks that were in focus include names like Indiabulls Housing Finance which plunged more than 20 per cent, Welspun India plunged more than 17 per cent, and Cam Fin Homes was down more than 4 per cent on Wednesday.

"Over the last two years, there has been significant underperformance by the financials. For long-term investors, I see considerable value in variation issues of financials. I like some of the private sector banks, non-banking financial companies, brokerages, wealth managers, etc. from a longer-term perspective. I like Indian IT as well, going forward. I also expect a revival of rural demand, which can have a positive impact on select FMCG companies, two-wheelers, and various agro-related sectors."