Indian equity benchmarks NSE Nifty 50 and BSE Sensex ended at two-month low on Friday, extending the losing streak to four sessions. The headline indices posted their biggest single-day fall in three months and the indices have slipped more than five percent from record highs touched on December 1. BSE companies have erased market cap gains from the last three months in the last three days. The market cap has eased to Rs 20 lakh crore from record level hit last week.

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NSE

The Sensex fell 1,060.7 points to 59,765.6, slipping below the 60,000 mark for the first time since October 28, before ending at 59,845.3. The Nifty50 moved within a range of 17,779.5-18,050.5 in intraday trade before ending 1.8 percent lower at 17,806.8. Broad indices mirrored the losses in the headline indices and posted the biggest single-day fall in 10 months. Nifty Midcap 100 and the Nifty Smallcap 100 ended 3.8 percent lower and 4.7 percent lower respectively.

A total of 48 stocks in the Nifty50 basket finished in the red, with Adani twins and Hindalco being the top laggards.

Union Bank, India Cements, Indiabulls Housing, Ambuja and NBCC pulled the Nifty Midcap index lower.

Only Titan and Divi’s ended the otherwise weak session with gains.

"Once 17,200 got exceeded, I said that this market is either going to record highs or closer to it, but if it exceeds record highs, there is a possibility, the market will go lower - to 14,000. The markets were trapping the bulls, and we are probably heading lower below the June low on a three to six months basis. From the extreme short term perspective, the support is about 17,800. And if that doesn't hold, we are looking at support around 17,500," said Jai Bala of Cashthechaos.com.

"The correction that started from October 2021 is incomplete. It's still incomplete. And I'm still calling it a bull market correction. And the fact that the markets exceeded the all-time highs at 18,604 of October 2021, that's what is giving rise to a deeper cut for the markets. This is a very atypical correction," Bala added.

All sectoral indices ended lower while volatility index surged more than six percent.

Overall market breadth favoured the declines at the close, as 472 stocks rose while 3,115 fell on BSE.

Rupee ended 10 paise lower from its previous close at 82.85 vs dollar on Friday.

Global markets

European markets were trading higher on Friday before the Christmas break, after ending in the red in the previous session. Stoxx 600 index was last trading 0.4 percent higher.

S&P 500 futures were down 1.5 percent, suggesting a muted to negative start ahead on Wall Street.

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