The equity benchmark Sensex fell 300 points Friday due to losses in index majors Tata Steel and Reliance Industries. This was in spite of a strong sell-off in global equities.
The 30-share index closed at 300.17 points, or 0.54 percent lower, at 55,329.32. Meanwhile, the NSE Nifty fell 118.35 point or 0.71 percent to 16,450.50.
Tata Steel lost the most in the Sensex pack. It plunged over 8 percent, followed by SBI and Dr Reddy's. Sun Pharma, Kotak Banks, Sun Pharma, Bajaj Auto, L&T, and Kotak Bank.
HUL, Asian Paints and Nestle India were the top gainers.
"Domestic equities saw high volatility and selling pressure across all counters. Except for FMCG, all sectoral indices traded red, with Nifty metal experiencing the steepest decline, followed by realty and PSU banks and pharma," stated Binod Modi (Head - Strategy, Reliance Securities).
He said that there was a rise in Delta variant cases around the globe and growing concern about the sustainability of global economic recovery led to heavy profit-booking of metal stocks.
Other Asian bourses suffered heavy losses in Shanghai, Hong Kong and Tokyo.
Mid-session deals saw European Equities trade in the red.
Brent crude oil, an international benchmark for oil, fell 0.59 percent to USD 66.06 a barrel.