Domestic stock markets extended losses to a third straight day on Friday tracking weakness in global markets as investors assessed the prospect of a world recovery amid rising coronavirus cases in the US and Europe. The S&P BSE Sensex index plummeted 507.98 points to 39,241.87 at the weakest level of the day, whereas the broader NSE Nifty 50 benchmark slid to as low as 11,535.45, down 135.35 points from its previous close. Losses in financial, auto and consumer goods shares pulled the markets lower, however gains in energy and metal stocks arrested the fall.
The Sensex ended 135.78 points - or 0.34 per cent - lower at 39,614.07, and the Nifty settled at 11,642.40, down 28.40 points - or 0.24 per cent - from its previous close.
Bharti Airtel, Hero MotoCorp, Maruti Suzuki, Eicher Motors and Bajaj Finance, ending between 2.37 per cent and 4 per cent lower, were the worst hit among 23 laggards in the 50-scrip benchmark index.
On the other hand, Adani Ports, Bharat Petroleum, Coal India, NTPC and Sun Pharma - up 2.14-4.46 per cent each - were the top Nifty gainers.
Infosys, ICICI Bank and Bharti Airtel were the biggest drags on Sensex, accounting for more than 100 points in its fall.
Analysts awaited Reliance Industries' financial results later in the day. The conglomerate's shares climbed up as much as 1.40 per cent to Rs 2,055 apiece on the BSE during the session.
The National Stock Exchange's India VIX index - which gauges the expectation of volatility in the near term - ended 3.03 per cent higher, having surged as much as 9.48 per cent during the session.
Equities elsewhere in Asia extended losses to a a third straight session, as jitters over upcoming US presidential elections and fears that the global economic downturn will persist enveloped the markets.
MSCI's broadest index of Asia-Pacific shares outside of Japan was last down 0.30 per cent, on track to the end the week 1.30 per cent lower after four straight weeks of gains. The index is up 3.70 per cent so far this month.
Japan's Nikkei 225 benchmark slipped 0.80 per cent. The E-Mini S&P 500 futures stumbled 0.90 per cent in early Asian trading, indicating a negative start for Wall Street on Friday.
Record numbers of coronavirus cases worldwide and the November 3 US presidential election remained the major factors looming ahead for investors.
The falls in Asia occurred despite a solid session on Wall Street overnight, which was helped by a diet of strong quarterly reports from tech giants and data showing the US economy grew at a historic annualised pace of 33.1 per cent in the third quarter.