Benchmark indices traded lower, as Asian markets were weak, following a decision by China on new security laws for Hong Kong.
Hong Kong's Hang Sang led the losses and plunged almost 4 per cent, following the news. Other markets like the Japanese Nikkei and the Singapore's Strait Times also fell. Chinese stocks also declined with the Shanghai Composite, falling more than 1.5 per cent.
The Sensex too followed with a drop of 162 points, while the Nifty fell 62 points in trade.
Among the losers were once again some of the banking names, including the likes of IndusInd Bank, ICICI Bank and HDFC Bank. Shares in Reliance Industries managed to hold onto gains, following news that KKR had picked a stake of 2.32% equity in Jio Platforms for Rs. 11, 367 crore. The stock was last seen trading at Rs 1,451, up 0.50 per cent in trade.
Bharti Airtel saw its share price lose marginal ground after reports that the company has acquired a 10 per cent stake in Voicezen, an early stage startup focused on conversational AI technologies.
Meanwhile, Dow Futures were pointing lower, as risks of tensions between US and China look likely. The Dow Jones had closed weak on Thursday and Friday too is likely to be a weakish session.