Indian shares extended losses after a positive start on Friday on the back of selling in stocks such as Kotak Mahindra Bank and Sun Pharmaceutical.

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At 9.40 am, the 30-share benchmark Sensex dipped 159 points, or 0.40 percent, to trade at 39,370 while the 50-share Nifty index was down 30 points, or 0.20 percent, at 11,813.

The NSE frontline index traded at 11,791.75, down by 52 points, or 0.44 percent.

Broader market indices also traded lower with the Nifty MidCap index down 0.30 percent and the BSE MidCap shedding 0.26 percent. Among the 43 sectoral indexes on both NSE and BSE, only Nifty Realty, Nifty IT and Nifty Media advanced.

Shares of Vedanta, Indiabulls Housing Finance, SBI, Bharti Infratel, Wipro, Bajaj Finance and M&M gained between 0.25 and 2 percent whereas Dr Reddys Labs, Cipla, IndusInd Bank, Maruti Suzuki, Sun Pharma, Kotak Mahindra, Power Grid Corp dipped between 1 and 3 percent.

Shares of Indiabulls Real Estate gained 4.3 percent on Friday amid reports that the US-based investment firm Blackstone may acquire Indiabulls Real Estate's promoters' stake at an estimated enterprise value of around $1 billion.

Meanwhile, the Indian rupee opened higher at 69.19 per dollar on Friday against previous close 69.27. The home currency ended marginally lower at 69.29 against the greenback on Thursday after the Reserve Bank of India cut the key interest rates by 0.25 basis points to a nine-year low of 5.75 percent and also changed its monetary policy stance to accommodative.

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