Most Asian markets ended with gains.
Auto stocks are weighing on the indices.
This is its biggest single session fall since August 24, 2015, when it had lost 1,624.51 points.
The Sensex closed down 308 points at 24,894 and the Nifty has lost 96 points at 7,559.
Banking shares saw a renewed buying interest on the hopes of a rate-cut by the central bank post the easing of macro-economic data.
The 50-issue NSE Nifty too cracked the 10,200-mark and hit a low of 10,108.55 before finishing 104.75 points, or 1.02 per cent down at 10,121.80.
The rupee fell to a two-year low of 64.84 against the US dollar.
The broader NSE Nifty index too finished lower by 4.80 points, or 0.05 per cent, at 10,632.20.
The broader NSE Nifty too fell below the 10,100 level by dropping 100.10 points to end at 10,094.25
Financials were the top losers while oil shares also declined amid weak crude oil prices.
Investors booked profits in range-bound trade, led by PSU, oil & gas, energy, infrastructure, telecom, realty, healthcare, bankex, FMCG, capital goods and power counters.
The record breaking spree was led by index heavyweights, financials and metal stocks.
The policy statement by the RBI governor is also expected to be upbeat.
The Sensex ended higher by 245 points at 27,372 mark and the Nifty gained 66 points at 8,225.
The recovery was led by information technology exporters.
The Sensex ended 229 points down at 27,602 and the Nifty ended down 63 points at 8,293.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
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The 30 Sensex companies alone, which are among the biggest companies in the country, now account for nearly 50% or about Rs 47 lakh crore of total investor wealth.
In the Sensex kitty, ITC turned star performer by surging 2.45 per cent, followed by NTPC rising 2.19 per cent.
Infosys, TCS, ICICI Bank and Sun Pharma among the top losers of the hour.
NTPC was the top gainer among the Sensex stocks, rising by 3.53 per cent. Coal India, ONGC and Sun Pharma also rose up to 2.41 per cent.
The 30-share Sensex lost 54 points at end at 27,086 and 50-share Nifty shed 19 points to close at 8,096.
A number of private companies have contributed to the development of ISRO's Chandrayaan-3 spacecraft which successfully landed near the south pole of the Moon on Wednesday evening.
Both benchmark indices were driven by strong gains in IT, teck, oil and gas, pharma and banking shares amid earnings optimism.
The NSE Nifty also gained 53 points, or 0.49 per cent, to settle 10,855.15 after shuttling between 10,870.40 and 10,749.40.
Investors lost around Rs 1.57 lakh crore in market valuation on Friday.
The Sensex took less than two years to rally from the 10,000-mark it first hit in February 2006 to double that on that New Year's Eve.
Sensex under pressure as Yellen signals rate hike; banking stock slip.
Consumer businesses come to the rescue of large conglomerates in the midst of a meltdown in commodities.
Benchmark share indices gained for the fifth straight session on Thursday led by index heavyweight Reliance Industries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Reflecting the bearish mood, all sectoral indices, led by metal, teck and healthcare, ended in the negative zone.
Sensex ended at 26,272 up 125 points and Nifty ended at 7,831 up by 35 points.
The NSE Nifty after shuttling between 10,397.60 and 10,279.35 points, ended 47 points, or 0.45 per cent lower at 10,301.05.
In the Sensex pack, M&M was the biggest loser, tumbling by 6.66 per cent, followed by TCS dropping 4.14 per cent.
The S&P BSE Sensex closed at 26,190, up by 43 points and Nifty50 settled above 7,950 to end at 7,963, up by 17 points
Banks and realty among the most hit on account of high borrowing costs.
The 30-share Sensex ended down 71 points at 26,710 and the 50-share Nifty lost 38 points to close at 8,030.
Yes Bank was the top gainer in the Sensex pack, surging 3.76 per cent, followed by SBI at 3.18 per cent.
Some leading Indian companies are likely to see their earnings declining if the Indian currency depreciates further, analysts and finance heads say.
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