Sensex, Nifty under pressure
The 30-share Sensex fell 298.75 points to 77,760.21 in early trade, while the Nifty 50 declined 74.20 points to 24,321.90.
The market remained under pressure as concerns over the prolonged US-Iran standoff and its potential impact on global oil supplies weighed on investor sentiment. Brent crude was trading near $87 per barrel and had gained around 4% during the week.
Metal, IT stocks among major laggards
Most sectoral indices traded in the red during morning trade. Metal stocks were among the worst performers, with the sectoral index falling around 1.3%, while IT and financial stocks also faced selling pressure.
From the Sensex pack, Tata Steel, Axis Bank, InterGlobe Aviation, Tech Mahindra, Power Grid and ITC were among the major laggards. Eternal, Titan, Adani Ports and Bajaj Finance were among the gainers.
Global markets remain firm
The weak domestic opening came despite relatively positive global cues. US equities ended Thursday's session higher, while Asian equity benchmarks also traded largely higher on Friday.
However, rising crude prices and uncertainty surrounding the geopolitical situation continued to make investors cautious. Foreign investor outflows and concerns over global risk appetite have also added pressure to Indian equities.
Rupee remains under pressure
The rupee was around ₹95.40 against the US dollar on Friday, with traders indicating that the Reserve Bank of India may have intervened in the foreign exchange market to support the currency amid heightened volatility.
Analysts expect markets to remain volatile and largely range-bound as investors track developments in West Asia, crude oil prices, foreign fund flows and global market cues.