The equity benchmark Sensex fell above 700 points to below 74,000, and the Nifty dropped from a record high on Friday as investors reduced exposure to telecom, capital goods, and technology sectors.
The 30-share BSE Sensex plummeted 732.96 points, or 0.98 percent, to 73,878.15, after rising 484.07 points earlier in the day. From an intra-day high of 75,095.18, the benchmark slid 1,627.45 points to a low of 73,467.73.
The NSE Nifty also slipped 172.35 points, or 0.76 percent, to 22,475.85. In early trading, the benchmark climbed 146.5 points, or 0.64 percent, to a new high of 22,794.70.
SRF, L&T, Trent, Maruti Suzuki, Nestle India, Reliance Industries, Interglobe Aviation, Bharti Airtel, DLF, LIC, Bosch, and Kotak Mahindra Bank were the top laggards.
Among the gainers were Coal India, Shree Cement, ABB India, Power Finance Corp, Torrent Pharma, Grasim Industries, and Bajaj Holdings.
In Asian markets, Gift Nifty, Hong Kong, Malaysia, and Taiwan ended in the green, while Tokyo, South Korea, and Shanghai finished in the red.
European stocks were trading in the green.
US markets concluded with gains on Thursday.
Brent crude lost 0.06 percent to USD 83.95 per barrel.
According to exchange data, Foreign Institutional Investors (FIIs) sold securities worth Rs 964.47 crore on Thursday.
On Thursday, the Sensex advanced 128.33 points or 0.17 percent to 74,611.11, while the Nifty moved 43.35 points or 0.19 percent to 22,648.20.
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