Stock market news, May 11 -- Early signal from the GIFT Nifty pointed to a weak start for Indian markets. As of 8:17 AM, GIFT Nifty was trading around 24,052.5, a discount of 182 points to the previous close of Nifty futures at 24,234.60.

In the previous session, the benchmark indices-the BSE Sensex and Nifty 50-extended losses for a second consecutive day, dragged lower by banking and financial stocks.

The Sensex declined 516 points (0.66%) to close at 77,328.19, while the Nifty 50 fell 151 points (0.62%) to settle at 24,176.15.

Heavyweight lenders such as State Bank of India, HDFC Bank, ICICI Bank, and Axis Bank were the key drags, with 18 of the 30 Sensex constituents ending in the red.

Broader markets, however, remained relatively...