Here's why Sensex slumped nearly 700 pts in Friday's intra-day trade

Analysts say the correction is nothing to be worried about as it is typical of markets to consolidate after reaching new record highs

Domestic equity markets succumbed to late-hour selling on Friday, especially, in the IT pocket as investors turned cautious ahead of the weekend. 

The BSE Sensex slumped 682 points to the day’s low of 61,889, while the NSE Nifty shed 304 points to 18,410 in intra-day trade. 
However, the indices later pared some losses and closed 389 points and 118 points lower, respectively. 

"Nifty registered day’s low at 18410, which happens to be the upward sloping trend line support on the daily chart.  A break below 18,410 could result in more selling in the index; hence, this level should be