The Sensex ended the day lower by 348 points, while the Nifty ended lower by 108 points.
But, the real action was in the mid cap space where stocks saw a hammering with the index ending the day lower by more than 4 per cent. IFCI, Jain Irrigation, Power Finance, IDBI Bank, Andhra Bank and Unitech dropped anywhere between 4-9 per cent. The PSU banking index fell as much aw 4% with stocks like Andhra Bank, Syndicate Bank and IDBI Bank dropping 4-7 per cent.
Select technology stocks ended the day higher on the back of better than expected results, particularly EBIT margins from Infosys. Other IT stocks like TCS and HCL Tech also moved higher.
Tata Motors which was up almost 1 per cent after reports that the Jaguar Land Rover maker has registered its strongest ever half-year sales in 2014 selling over 240,000 vehicles, dropped by more than 1 per cent towards the close of trade.
Nifty stocks that gained in trade were mostly from the defensive FMCG, IT and Pharma pack. Sun Pharma, HUL, ITC, Lupin and Cipla gained ground, apart from the IT stocks.
Meanwhile, markets in Europe recovered after the sharp fall on Thursday following reports of banking worries in Portugal.