Sensex slips over 500 points, Nifty below 23,400; financial and bank stocks drag

Sensex and Nifty50 traded lower on Friday despite gains in IT stocks. Both indices were impacted by declines in Reliance Industries, banking, and financial stocks. TCS met quarterly profit estimates. IndusInd Bank saw a significant drop after a downgrade by Goldman Sachs. Nifty IT index surged, while other indices were in the red.