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Indian equities ended lower for the second straight day, correcting further after reversing from a record high on Thursday.
The S&P BSE Sensex ended 1.5% lower at 48,878 while the NSE Nifty 50 index too fell by a similar quantum to end at 14,371.
This was the biggest single-day drop for the benchmarks in a month. This is also the third instance in the last one week when the Nifty has declined by 1% or more.
Friday's correction marked the end of an 11-week gaining streak for the Sensex, which was the longest since 2009.
Among the sectoral indices, the Nifty Bank fell over 1,000 points in today's session, falling to the lowest in nearly a month. The PSU Bank index too declined over 3% in today's session.
The Nifty Metal index was the top sectoral laggard in today's session, ending 3.9% lower. The Nifty Realty index declined 2.8%.
The Nifty Auto index bucked the trend courtesy gains in two-wheeler majors Bajaj Auto and Hero MotoCorp. The index ended 1.4% higher.
Broader markets declined, but the quantum was lesser as compared to the benchmarks. The Nifty Midcap index fell 1.2% while the smallcap index declined 0.6% at the end of trade.
India Volatility Index ended 1.1% higher at 22.42.
1,391 stocks on the NSE ended with losses while 514 managed to buck the trend.
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Indian equities have opened flat on the final trading day of the week, courtesy weakness in the Dow futures and mixed sentiments across the Asia-Pacific.
The S&P BSE Sensex opened 30 points lower at 49,594 while the NSE Nifty 50 index opened 7 points lower at 14,583.
As of closing on Thursday, both Sensex and Nifty were up 1% for the week, despite snapping a two-day gaining streak on the weekly options expiry.
Among sectoral indices, the Nifty I.T. index has opened 0.5% lower while the Nifty Bank index is down 100 points or 0.3%.
The Auto index has opened 0.4% higher while the Metal index is up 0.3%.
Broader markets have opened with a positive bias in today's session. The Nifty Midcap index is up 0.4% while the Smallcap index has opened with gains of 0.2%.
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The initial euphoria of the S&P BSE Sensex scaling 50,000 was offset by the volatility due to the weekly options expiry. The gauge not only failed to hold the mark, but also fell 400 points by the close of trade.
Futures are indicating another lower opening for Indian equities on Friday. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, fell 0.4% to 14,583 as of 8:00 a.m.
Biocon, JK Tyre, Aavas Financiers, SBI Cards, among others, may react to their quarterly earnings reported after market hours on Thursday. Four Nifty 50 companies -- Reliance Industries, JSW Steel, SBI Life Insurance and HDFC Life Insurance -- will report results today.
Among broader market stocks, Crompton Consumer, Gland Pharma, Symphony, Yes Bank, among others, will announce numbers.
Asian equities have dipped from their all-time high on the final trading day of the week. Markets in Japan and Hong Kong saw modest losses, while those in South Korea rose.
Futures on the Dow Jones are currently trading 100 points lower. The index ended flat on Thursday.
West Texas Intermediate crude fell 1% to $52.67 per barrel, while gold fell 0.2% to $1,865.8/Oz.
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