The market indices fell over 1 percent with the benchmark Sensex trading below the psychological level of 28,000-mark.
Shares tracked broader Asia lower on Friday as coronavirus cases showed no signs of abating and doubts emerged over an oil price deal between Saudi Arabia and Russia that U.S. President Donald Trump said he had brokered.
The benchmark indices opened lower on Friday with Nifty holding above the 8,200-level.
IndusInd Bank, Kotak Mahindra Bank and Asian Paints were among the top losers.
— CNBC-TV18 (@CNBCTV18Live) April 3, 2020
At 10 AM, the Sensex was trading 27,899.73, lower by 365.58 or 1.29 percent from the previous close of 28,265.31. It had opened at 28,623.53 and touched an intra-day high of 28,639.12 and a low of 27,800.07.
The Nifty50 on the National Stock Exchange was trading at 8,153.10, lower by 100.70 points or 1.22 percent from its previous close.
At 09:16 hrs IST, the Sensex was down 238.64 points or 0.84 percent at 28026.67, and the Nifty down 68.55 points or 0.83 percent at 8185.25. About 410 shares have advanced, 263 shares declined, and 45 shares are unchanged.
Rupee falls 48 paise
The Indian rupee fell 48 paise to 76.08 against the US dollar in opening trade on Friday, as investors braced for a prolonged period of uncertainty as coronavirus cases witnessed a sharp rise across the world and in India.
Forex traders said weak opening in domestic equities dragged the local unit amid mounting fears of a coronavirus-led economic slowdown.
The rupee opened weak at 75.97 at the interbank forex market and then fell further to 76.08, down 48 paise over its last close.
The rupee had settled at 75.60 against the US dollar on Tuesday.
Forex markets in India were closed on April 1 for the annual closing of banks and on April 2 on account of Ram Navami.
Asian markets rally
Asian markets on Friday looked to latch onto Wall Street’s overnight gains after crude prices notched their biggest one-day surge on record, helping offset concerns about the depth of a global recession.
Despite the rally in stocks, investors still sought the safety of the US dollar and government bonds as an unprecedented number of Americans - 6.6 million - filed jobless claims due to coronavirus-induced lockdowns, as economic concerns stayed front and center, Reuters said.
Us stocks rallied after Us President Donald Trump said he expects Russia and Saudi Arabia to announce an oil production cut of up to 10 million to 15 million barrels as the two countries signaled willingness to make a deal.
Saudi Arabia said it would call an emergency meeting of the Organization of the Petroleum Exporting Countries, Saudi state media reported.
Nikkei futures NKc1 edged slightly higher, above the index’s cash close on Thursday, and Australia’s benchmark was up 1.5 percent in early trade. Hong Kong futures HSIc1 were negative.
E-Mini futures for the S&P 500 ESc1 fell 0.04 percent. A gauge of stocks across the globe .MIWD00000PUS advanced 1.24 percent overnight, adding to modest gains earlier in Europe.
Updated Date: Apr 03, 2020 10:54:49 IST