Markets were trading sharply lower ahead of key GDP data to be revealed later today. The Sensex was trading lower by 145 points, while the Nifty lost 47 points, also over worries of a falling rupee.
Among the top losers in trade was ITC, HDFC Bank, ONGC, Bank of Baroda, Maruti Suzuki and Hindalco.
Technology stocks managed to hold some ground on hopes that a falling rupee, will help margins. Among the stocks that gained from the technology pack was Infosys, which was among the few stocks to have gained in trade today. Other notable gainers in trade was Gail and Tata Power.
Banking stocks were trading sharply lower with losers from the space being HCFC Bank, Kotak Bank, Union Bank, Andhra Bank and Bank of Baroda.
ONGC continued to fall for a second successive day in a row, following a disappointing set of Q4 numbers. Sun Pharma which had rallied sharply in trade over the last few trading sessions took a breather with the stock trading marginally lower.
The real estate pack continued to drift lower, except Unitech which gained in trade. The metal was relatively insulated from today's fall with Tata Steel and Sterlite Industries gaining in trade.
Bharti Airtel dropped marginally in trade on reports that the company was planning to sell stake in enterprise and land business.
Meanwhile, most of the Asian markets were trading higher with the Nikkei recouping some of Thursday's losses. Markets are likely to await the GDP data due later today.