The S&P BSE Sensex dropped 722 points during intra-day and closed to 21, or 0.04%, higher at a level of 52,344. The larger index of Nifty50 meanwhile recovered down 8 points or 0.05 percent from the day's low of 15.451 to the close of 15.683.
Indian stock markets today dropped sharply due to losses due to banking and metal stock. The Sensex fell by 700, reaching 51,601 at low levels during the day while the Nifty fell to 15,500.
In addition to fresh holdings, Hindustan Uniliver was a strong leader in large-cap stocks and 3 percent higher. Adani Port and Adani Ent also saw substantial gains and short coverage.
In the midst of tumultuous domestic equity trading Indian rupees erased intraday losses and trading at $73.08 higher. The plan opened at 74.10 dollars compared with 74.08 dollars earlier.
The Nifty's main losers were ONGC, Coal India, Power Group, JSW Steel and UPL, whereas Adani Ports, HUL, Bajaj Auto, Bajaj Finserv and HDFC Life were the top winners.
Oil prices fell for a second straight session on Friday as the U.S. dollar rose on the likelihood of interest rate hikes in the United States, but they were on course to close the week barely changed and only marginally below multi-year highs.
Asian stock split weekly losses, US treasury revenue rose and greenback floated nearly two months high on Friday, when the US Federal Reserve's projection rates increased in 2023 when investors dredged comment.
One97 Paytm, a company in the field of online payment, convened a special general meeting on 12 July to seek authorisation to fund Rs 12,000 crores by issuing new shares during its first public offering (IPO).
The UK's health officials on Friday opened up the country's COVID-19 vaccination program to all adults, in what has been dubbed as the final push to offer protection against the deadly virus.