Sensex skids 394 points to settle at 38,220; Nifty tests 11,300

Equity indices finished lower on Thursday with the benchmark BSE sensex falling nearly 400 points dragged by banking and financial stocks amid selloff in global markets. The 30-share BSE index fell 394 points or 1.02 per cent to close at 38,220; while the broader NSE Nifty plunged 96 points or 0.84 per cent to settle at 11,312.