Losses in banking, auto, metal and consumer goods stocks pulled the markets lower Domestic stock markets snapped a two-day record-breaking run on Friday amid weakness in Asian peers, ahead of the release of key macroeconomic data.

The S-P BSE Sensex index fell as much as 349.56 points to hit 40,780.61 on the downside in late-morning deals, and the broader NSE Nifty benchmark declined to as low as 12,055.90, down 95.25 points from the previous close.

A selloff across most sectors - led by banking, auto and metal stocks - pulled the markets lower.

At 11:02 am, the Sensex traded 307.05 points - or 0.75 per cent - lower at 40,823.12, while the Nifty was down 77.45 points - or 0.64 per cent - at 12,073.70.Thirty six stocks on the Nifty 50 index traded lower at the time. Top percentage laggards on the index were Hindalco, Dr Reddy's, HUL, Asian Paints and Tata Steel, down between 1.53 per cent and 2.25 per cent each.HDFC, Reliance Industries and HDFC Bank were the top drags on the Sensex, together accounting for a more than 130-point fall in the index.On the other hand, Bharti Infratel, Adani Ports, Yes Bank, NTPC and Bharti Airtel - trading between 1.21 per cent and 9.84 per cent higher - were top percentage gainers on the Nifty.The government will release GDP data for the quarter ended September 30 at 5:30 pm.Economists in a poll conducted by news agency Reuters expect the economy to register a growth of 4.7 per cent in the quarter.If that prediction comes true, it would mark the slowest pace of economic expansion since March 2013.In recent months, the government has taken a slew of measures to revive growth and spur consumer demand, including a reduction in corporate taxes, the setup of a real estate fund and a mega merger of state-run banks.On Thursday, the S-P BSE Sensex index had risen 109.56 points (0.27 per cent) to end at a record closing high of 41,130.17, and the broader NSE Nifty benchmark settled at a record 12,151.15, up 50.45 points (0.42 per cent) from the previous close.