The Indian market continued to trade sharply lower around Friday noon, dragged by weak global cues and selling across most sectors, particularly financials.

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The Sensex traded at 34,436, down by 343 points at 11.45 am, while the Nifty was trading at 10,340, lower by 113 points. The BSE index started 216 points down, at 34,563, while the Nifty opened more than a percent lower at 10,339.

A sharp fall was seen in index heavyweight Reliance Industries as it dropped 7 percent after brokerage firms raised concerns over capex. Along with Reliance, Infosys, Yes Bank, TCS, L&T, M&M, Hero MotoCorp among others further weighed on indexes.

Support for the bulls came from pharma and consumer sectors with ITC, Hindustan Unilever, Sun Pharma and ICICI Bank among top contributors.

Broader markets also under-performed with the Nifty MidCap down by nearly 1.5 percent and the BSE MidCap slipping by 0.85 percent.

Only 9 sectors advanced, with Nifty FMCG among notable gainers, rising less than half a percent, while BSE Energy lost 3.3 percent and was leading among 34 declining sectors.

The Indian rupee traded at 73.43 against the US dollar at 12.02 pm. The home currency had opened flat at 73.60 against the greenback after Wednesday's close of 73.59.

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Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.