Benchmark indices BSE Sensex and Nifty 50 on Friday crashed more than 1 per cent lower in the opening session. While Sensex declined nearly 600 points to trade below 54,800, Nifty was down by more than 200 points to slip below 16,300. Nifty Bank index also fell 450 points or 1.28 per cent to trade below 34,700 in the opening session.
IT, banking and financial stocks were the major draggers as Wipro, Tech Mahindra, Infosys, Kotak Mahindra Bank, HDFC and Bajaj Finance started trading in the red.
Wipro was the top loser, shedding 3.38 per cent, followed by Tech Mahindra, Tata Steel, Infosys, Kotak Bank, Bajaj Finance, HDFC twins and TCS. On the other hand, PowerGrid, NTPC and Titan were the gainers.
Earlier on Thursday, indices snapped a four-day losing run as Sensex jumped 427 points to settle at 55,320 and Nifty advanced 121.85 points or 0.74 per cent to finish at 16,478.10. Foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 1,512.64 crore, as per stock exchange data.
Meanwhile, the rupee depreciated 8 paise to a record low of 77.82 against the US dollar in opening trade. On Thursday, the rupee fell by 6 paise to close at 77.74 against the US dollar.
Elsewhere in Asia, bourses in Tokyo, Hong Kong, and Seoul were trading with deep losses in mid-session deals, while Shanghai was in the green. Stock exchanges in the US ended sharply lower in the overnight session.