The Indian equity benchmarks fell sharply and snapped their two-day winning streak on Friday as investors booked profits after recent up move, analysts said. The Sensex fell as much as 821 points and Nifty touched an intraday low of 17,180 dragged by losses in Reliance Industries, HDFC, Kotak Mahindra Bank, HDFC Bank, ICICI Bank and ITC.
The Sensex ended 765 points or 1.31 per cent lower at 57,696 and Nifty 50 index dropped 205 points or 1.18 per cent to close at 17,197.
"Sustaining above 17,200 on Nifty will be an important level to stay positive in the short term. If the Nifty is able to sustain the level of 17,200, it can go up to 17,600," said Vijay Dhanotiya, of CapitalVia Global Research.
Selling pressure was broad-based as all the 15 sector gauges, barring the measure of media shares, ended lower led by the Nifty Healthcare index's 1.2 per cent decline. Nifty Oil & Gas, Pharma, FMCG, Pharma, Auto and Bank indices also fell between 0.7-1.15 per cent.
Mid- and small-cap shares outperformed their larger peers as Nifty Midcap 100 index ended on a flat note while Nifty Smallcap 100 index advanced 0.8 per cent.
Power Grid was top Nifty loser, the stock fell 4 per cent to close at Rs 205.80. Reliance Industries, Kotak Mahindra Bank, Asian Paints, HDFC Life, Bharti Airtel, SBI Life, Tech Mahindra, ITC and Sun Pharma also fell between 1.75-2.8 per cent.
On the flipside, UPL, Bharat Petroleum, Indian Oil, ONGC, IndusInd Bank, Laren & Toubro and Coal India were among the gainers.
The overall market breadth was positive as 1,804 shares ended higher while 1,452 closed lower on the BSE.