Benchmark equity indices, Sensex and Nifty, witnessed heavy losses during the early morning trading session. Outflows by FIIs (Foreign Institutional Investors) and negative cues from Asian markets remained the key reasons for the fall.
Tata Motors further dragged indices as the share price of the automobile firm plunged by nearly 9 per cent.
At 10:55 am, BSE Sensex was trading at 72,021.61 level, down by nearly 642 points. Meanwhile, NSE Nifty was trading at 21,872.15 level, shedding over 183 points.
From the Sensex basket, Tata Motors dropped over 7 per cent despite reporting over three-fold jump in consolidated net profit at Rs 17,528.59 crore for the fourth quarter ended March 31, 2024.
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JSW Steel, Tata Steel, NTPC, State Bank of India, Power Grid and Mahindra & Mahindra were the other major laggards.
Sun Pharma emerged as the only gainer from the pack.
In Asian markets, Seoul, Tokyo and Shanghai were trading lower while Hong Kong quoted in the positive territory. Wall Street ended mostly higher on Friday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,117.50 crore on Friday, according to exchange data.
Global oil benchmark Brent crude declined 0.31 per cent to USD 82.53 a barrel.
The BSE benchmark climbed 260.30 points or 0.36 per cent to settle at 72,664.47 on Friday. The NSE Nifty climbed 97.70 points or 0.44 per cent to 22,055.20.
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(With Inputs From PTI)
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