Due to severe selling pressure in IT and banking sectors, India's primary indices, the Sensex and Nifty, fell almost 1.2 percent on Friday. At 1.16 p.m., the 30-stock BSE Sensex was trading at 58,239.50 points, down 687 points, or 1.17 percent, from the previous day's closing of 58,926.03.

The Sensex had begun considerably down at 58,447.15 points and had dropped to a low of 57,914.10 points earlier. The National Stock Exchange's broader Nifty 50 index was down 210 points, or 1.19 percent, at 17,389.85.

In IT and financial equities, there was a lot of selling pressure. The stock of Infosys fell 2.71 percent to Rs 1720.90. The stock of Tech Mahindra fell 2.39 percent to Rs 1432.25. HCL Technologies was trading at Rs 1166.30, down 2 percent. Wipro was trading at Rs 562.85, down 1.86 percent.

Nestle India was down 2.26 percent at Rs 17688.80, Titan was down 1.87 percent at Rs 2444.05, HDFC was down 1.72 percent at Rs 2433.90, UltraTech Cement was down 1.68 percent at Rs 7346, L&T was down 1.62 percent at Rs 1868.85, and Kotak Bank was down 1.56 percent at Rs 1837.85. Only three of the Sensex's 30 constituent stocks were trading in the green. At Rs 984.45, IndusInd Bank was trading 1.19 percent higher. Tata Steel was trading at Rs 1261, up 1.02 percent. NTPC was trading in the green as well.

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