The Indian stock markets' key indices, Sensex and Nifty, were trading around 2 per cent down in the afternoon session on Friday dragged by heavy selling pressure in banking, metal, IT and energy stocks.
The 30 stock S&P BSE Sensex was trading 1069.15 points or 1.93 per cent down at 54,251.13 points at 2.15 pm, against its previous day's close at 55,320.28 points.
Earlier, Sensex started the day in the negative at 54,760.25 points. Selling pressure intensified in the afternoon dragging the Sensex down to 54,242.44 points.
The equities markets have been under selling pressure this week. The Sensex has witnessed selling pressure in five out of the last six trading sessions.
Snapping four days of losing run, the Sensex had gained 427.79 points or 0.78 per cent on Thursday.
The broader Nifty 50 of the National Stock Exchange was trading 290 points or 1.76 per cent down at 16,188.10 points against its previous day's close at 16,478.10 points.
Banking, IT, metal and energy stocks were under huge selling pressure.
Kotak Bank slumped 3.99 per cent to Rs 1791.40. Bajaj Finance tumbled 3.85 per cent to Rs 5670.95.
The index heavyweight Reliance Industries Limited dipped 3.34 per cent to Rs 2705.
IT firms Wipro and Tech Mahindra were trading with a loss of around three per cent. Infosys dipped 2.49 per cent to Rs 1476.75. TCS slumped 1.68 per cent to Rs 3369.05.
Only six of the 30 scrips that are part of the Sensex were trading in the positive.
Asian Paints rose 1.56 per cent to Rs 2729.65. Nestle India, Dr Reddy's Laboratories, UltraTech Cement and Maruti Suzuki were also trading in the positive.