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After opening in the green, the benchmark indices, the BSE Sensex and NSE Nifty, dropped into the red in mid-morning trade on Friday.
The 30-share index dropped 358 points or 0.69 per cent to 51,985. The Nifty dropped 131 points or 0.84 per cent to 15,560.
The top gainers on the Sensex were Bajaj Auto, HUL, Infosys, HDFC Bank and Bajaj Financial Services. The laggards were ONGC, SBI, Power Grid, M&M and NTPC.
In the previous session, Sensex ended 178.65 points or 0.34 per cent lower at 52,323.33. The broader NSE Nifty declined 76.15 points or 0.48 per cent to 15,691.40, an agency report said.
Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 879.73 crore on Thursday, as per provisional exchange data.
The report quoting Binod Modi, Head-Strategy at Reliance Securities, said domestic equities look to be modestly good as of now.
Weak global cues led Indian equities to see profit booking in the last couple of days, he said, adding that more than 100 per cent improvement in advance tax/ direct tax collections in 1QFY22 so far indicates sustainable corporate earnings in the coming quarters, along with strong financial resources for the government to maintain its budgeted fiscal deficit.
Further, easing of business curbs by states led by sharp decline in Covid-19 positivity rates and reduction in daily caseload continues to offer comfort to investors, he noted.
Elsewhere in Asia, bourses in Hong Kong, Seoul and Tokyo were trading on a positive note, while Shanghai was in the red in mid-session deals.
US equities ended on a mixed note in the overnight session, as S&P 500 and Dow Jones ended on a negative note, while technology stocks made a comeback and pushed Nasdaq to near a record close.
International oil benchmark Brent crude was trading 0.92 per cent lower at $72.41 per barrel. (with inputs from PTI)
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