Equity benchmark indices Sensex and Nifty buckled under selling pressure to settle nearly 1 per cent lower on Friday as investors pared exposure to bank and IT stocks ahead of the earnings season starting next week.
A depreciating rupee against strengthening US dollar overseas further weighed on sentiment, traders said.
Despite a positive start, the 30-share BSE Sensex tumbled 720.60 points or 0.90 per cent to close at 79,223.11. During the day, it slumped 833.98 points or 1.04 per cent to 79,109.73.
The NSE Nifty tanked 183.90 points or 0.76 per cent to 24,004.75. On a weekly basis, the BSE benchmark jumped 524.04 points or 0.66 per cent, and the Nifty climbed 191.35 points or 0.80 per cent.