Equity indices opened trade on a weaker note, falling for the third straight day on Friday, amid an overall bearish trend in global markets.
The 30-share BSE Sensex was down 319.3 points at 58,800.42 in early trade. The NSE Nifty fell 90.8 points to 17,539.
Among the 30-share Sensex pack, Power Grid, IndusInd Bank, HDFC, Mahindra & Mahindra and Axis Bank were the major laggards in early trade.
However, Tata Steel, Hindustan Unilever, Sun Pharma, Infosys, HCL Technologies and Dr Reddy’s gained.
Elsewhere in Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong were lower.
US markets ended in negative territory on Thursday.
Meanwhile, international oil benchmark Brent crude fell 0.50 percent to USD 90.02 per barrel.
Foreign Institutional Investors (FIIs) offloaded net worth of shares ₹2,509.55 crore on Thursday, according to data available with the BSE.
“Global risk-off continues to strengthen with a rising dollar. The dollar is rising against all currencies and this will affect capital flows to emerging markets including India. The recovery in FPI buying since July is supporting the rally in India.
“It is under threat now that FPIs have turned sellers in 5 of the last 7 days,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services.
The near-term market outlook is bearish, added Vijayakumar.
The 30-share BSE benchmark shed 337.06 points, or 0.57 percent, to settle at 59,119.72 on Thursday. The Nifty ended down 88.55 points, or 0.50 percent, at 17,629.80.