Benchmark indices fell over 1% on August 29, led by weak global markets and sharp fall in IT stocks.
The BSE benchmark Sensex ended 861.25 points or 1.46% lower at 57,972.62. It closed 1,466.4 points or 2.49% down at 57,367.47 during the day.
Similarly, the NSE Nifty fell 246 points or 1.4% to 17,312.90.
Tech Mahindra was the biggest loser in the Sensex pack, falling 4.57%, followed by Infosys, Wipro, HCL Technologies, Tata Consultancy Services, Kotak Mahindra Bank, Tata Steel, Axis Bank, ICICI Bank and State Bank of India.
On the other hand, Maruti, Nestle, Asian Paints, ITC, M&M and Hindustan Unilever were among the gainers.
Elsewhere in Asia, markets in Seoul, Tokyo and Hong Kong closed lower, while Shanghai ended marginally higher.
European stock markets were trading lower during mid-session deals. On Friday, the US markets closed down significantly.
“Jerome Powell’s flamboyant tone during the Jackson Hole symposium pointed to tighter rate hikes, while investors were anticipating softer policy action following the release of soft July inflation readings. This raised concerns about an economic slowdown. This has resulted in a significant selloff in the US market and impacted markets around the world.”
“The sell-off in emerging markets like India was fueled by concerns over possible outflows of foreign funds, which were the backbone of the recent market rally,” said Vinod Nair, Head of Research, Geojit Financial Services.
Meanwhile, international oil benchmark Brent crude rose 0.79% to 101.8 per barrel.
Foreign institutional investors (FIIs) offloaded shares worth Rs 51.12 crore on Friday, according to exchange data.