Benchmark indices ended the day lower, with the Sensex losing 111 points with Reliance Industries, the index heavyweight, seeing a steep decline.
The 30-scrip BSE index dropped 111.01 points, or 0.21 percent, to close at 52,907.93. It fell 924.69 points or 1.74 percent throughout the day to 52,094.25. The NSE Nifty fell 28.20 points, or 0.18 percent to settle at 15,752,05,
The government announced export tax on locally produced crude oil on Friday in addition to putting an export tax on petrol, diesel, and jet fuel (ATF).
Reliance Industries, which is part of the Sensex pack, down 7.25 percent. Other notable losers included PowerGrid, NTPC, Bharti Airtel, Maruti, Dr. Reddy's Laboratories, and ICICI Bank. However, among the top gainers were ITC, Bajaj Finance, Bajaj Finserv, Hindustan Unilever, Asian Paints, TCS, and HDFC.
European stock exchanges were up during mid-session trades. The American stock market declined on Thursday. Meanwhile, Brent crude, the international benchmark for crude, rose 1.90 percent to USD 111.1 a barrel.
According to exchange data, foreign institutional investors (FIIs) continued to be net sellers in the capital market on Thursday, selling shares worth 1,138.05 crore.