The benchmark indices were trapped by selling pressure on Friday, with the nifty falling below 17000. The BSE Sensex was down 889.40 points, or 1.54 percent, at 57,011.74, and the Nifty was down 263.20 points, or 1.53 percent, at 16985.20 at the closing. About 910 shares have increased in value, 2221 shares decreased, and 76 shares have remained steady.

Among the top Nifty losers were IndusInd Bank, Tata Motors, ONGC, Kotak Mahindra Bank, and HUL. Wipro, Infosys, HCL Technologies, Power Grid Corporation, and Sun Pharma were among the gainers.

Reliance Industries, the index's heavyweight, down 2.6 percent to Rs 2,341, accounting for a 176-point drop on the BSE benchmark. Other prominent losers included HDFC Bank and HDFC (Housing).  The Sensex major percentage loser was IndusInd Bank, which fell 4.7 percent, followed by  Kotak Mahindra Bank, Hindustan Unilever, Titan, Bajaj Finserv, and HDFC, all of which were down over 3 percent.

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Except for IT, all other sectoral indices finished in the red. The BSE midcap and smallcap indices are both down over 2 percent. The broader indices were also slashed significantly. The BSE Midcap and Smallcap indices were both down 2.4 percent and 2.1 percent, respectively.