The S&P BSE Sensex ended 222 points or 0.58 per cent lower at 38,165 while NSE’s Nifty50 index dropped 64 points or 0.56 per cent to settle at 11,457.
At 2:30 PM, the S&P BSE Sensex 236 points lower around 38,150 levels, weighed by losses in Reliance, HDFC Bank, TCS, Kotak Bank and Maruti while slipped 70 points, or 0.61 per cent, to 11,450 levels.
In the broader market, the S&P BSE Midcap index was trading 73 points lower at 15,093, while the S&P BSE SmallCap index was ruling at 14,767, down 57 points or 0.39 per cent.
Among sectoral indices, every Nifty index except Nifty Realty were trading in the red with losses ranging from 0.21 per cent to 1.28%.
Meanwhile, Fitch Ratings on Friday cut India’s economic growth forecast for the next financial year starting April 1, to 6.8 per cent from its previous estimate of 7 per cent, on weaker than expected momentum in the economy.
Shares of InterGlobe Aviation, parent of IndiGo, and SpiceJet rallied up to 14 per cent in early morning trade on Friday, surging up to 33 per cent in past two days on market share gain in the month of February.