After opening weak, market continued to be highly volatile. At the close, Sensex was down by 440 points, while Nifty went lower by 0.95% to 14938, dragged primarily by PSBs and metal stocks. Broader indices lagged with loss of over 2 percent on Nifty Midcap 100.
GAIL, ONGC, Maruti Suzuki, Hero Motocorp and Kotak Mahindra were among the top gainers, while laggards include IndusInd Bank, Tata Motors, Wipro, Hindalco and UPL.
Heranba Industries made a superb debut, listing at a premium of 44 percent in comparison to the issue price of Rs. 627 per share.
Shares in Vodafone Idea slipped as much as 4% after there are reports that the company's fund-raising plan is facing a hurdle.
Oil prices also increased over $1 per barrel as the OPEC decided not to increase supply in April. Brent crude futures for May rose to as high as $68 a barrel on Friday.
Meanwhile, European indices trade lower by up to 1 percent and also US stock futures were trading lower, pointing to lower opening in the US markets.