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The benchmark equity indices BSE Sensex and NSE Nifty plunged over 0.50 per cent in early trade on Friday after opening on a flat note tracking weak global cues.
The 30-share Sensex dipped over 225 points to 35,011.23, while the 50-share Nifty index lost as much as 54 points to 10,544.85.
As many as 29 stocks were trading in the red with Bharti Airtel (down 4 per cent) falling the most, followed by Wipro (1.50 per cent), HDFC (down 1.34 per cent), Infosys (down 1.32 per cent) and Hindalco (down 1.27 per cent).
Shares of Bharti Airtel declined after Moody's Investors Service placed Bharti Airtel's rating on review for downgrade, following low levels of profitability and expectation of weak cash flow.
On the other hand, oil marketing companies (OMCs) including Hindustan Petroleum Corporation, Indian Oil Corporation and Bharat Petroleum Corporation gained up to 3 per cent following weak crude oil prices.
Oil prices remained weak as rising supply and concerns of an economic slowdown pressured prices, with US crude now down by 20 per cent since early October.
Bharti Infratel and IndusInd Bank were up 2.58 per cent and 2.10 per cent, respectively, at around 9.25 am (IST).
The US markets also ended mostly in thered on Thursday as the Federal Reserve kept interest rates unchanged in an unanimous decision and signaled that it would continue to tighten monetary policy at a gradual pace.
Asian markets were trading in red Friday after the Federal Reserve held rates on Thursday, with a dollar rally cooling off in morning trading.
Hang Seng, Nikkei, and Shanghai were down up to 2 per cent in morning deals.
