The Sensex closed the day lower by 452 points (provisional), while the rupee was last trading at a one year low of 56.71 to the dollar, threatening to breach the 57 mark. GDP data was in line with expectations of a decade low of 5 per cent. Fading hopes of a rate cut after comments from RBI governor D Subbarao also added to the selling pressure.
Stocks markets gradually collapsed in late noon trades with heavyweights led by ITC and Reliance plunging. The two stocks that stood out in trade from from the Sensex was the recently battered and bruised Infosys and Sterlite Industries. The former rallied on hopes that a falling rupee would help margins.
Among the worst hit was DLF, after the company announced a poor set of results. The stock was down more then 4 per cent in trade. Other notable losers were Suzlon which dropped 10 per as it's net loss widened.
Metal stocks continued to melt in trade with notable losers being Hindalco Industries, Sail and Tata Steel.
Bharat Electronics had a good day in trade with the stock jumping 3 per cent, after the company's Q4 net profit jumped to Rs 592.7 crore Versus Rs 333.8 crore.
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 ended higher with the Nikkei recouping some of Thursday's losses.
With most of the companies declaring earnings, market would now look for triggers from the RBI for a rate cut.