Equity benchmark Sensex tanked over 1,000 points in the opening session on Friday tracking losses in index majors ICICI Bank, HDFC twins and Reliance Industries amid a negative trend in global markets.
After touching a low of 49,950.75, the 30-share BSE index was trading 927.21 points or 1.82 per cent lower at 50,112.10.
Similarly, the broader NSE Nifty was quoting 270.40 points or 1.79 per cent down at 14,826.95.
IndusInd Bank was the top loser in the Sensex pack, shedding around 3 per cent, followed by ICICI Bank, Axis Bank, HDFC, M&M, SBI, HDFC Bank, Reliance Industries and Tech Mahindra.
On the other hand, Nestle India, Maruti, HUL and Bharti Airtel were among the gainers.
In the previous session, Sensex spurted 257.62 points or 0.51 per cent to finish at 51,039.31, and Nifty climbed 115.35 points or 0.77 per cent to 15,097.35.
Foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 188.08 crore on Thursday, as per exchange data.
"Recent rise in bond yields globally and concerns with regard to higher commodity prices weighed on investors' sentiments as these two elements reduce the future value of cash flows and earnings," said Binod Modi Head-Strategy at Reliance Securities.
US equities witnessed steep fall as sharp spike in bond yields dampened investors' sentiments.
Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading with significant losses in mid-session deals.
Meanwhile, the global oil benchmark Brent crude was trading 0.62 per cent lower at USD 65.70 per barrel.
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