Market players said the sell-off was triggered by pessimism that the government may not be able to balance growth with macro-stability.
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The primary market showed some signs of life in a busy day.
Plunged as much as 60% in some cases, amid panic selling on speculations of sale of pledged shares.
The rupee resumed lower at 54.37 per dollar as against the last closing level of 54.07 at the Interbank Foreign Exchange Market.
Macroeconomic factors under control, says Rajan
Still, it is not expected to gain much strength and will likely trade around Rs 63.00 to the US dollar by the end of April.
The hectic buying by domestic institutions, as also by some top-shot brokers in their proprietary accounts, was in sharp contrast to heavy selling of stocks by foreign portfolio investors
A lower opening of the domestic equity market put pressure on the rupee.
To discourage investors from quick sell-offs, fund houses have started raising exit loads - a penalty charged when investors redeem investments before a specified time.
The broader NSE Nifty closed below the 10,600 mark by plunging 98.15 points, or 0.84 per cent, to 11,582.35 after shuttling between 11,567.40 and 11,751.80.
Gold prices fell due to persistent selling by stockists triggered by a heavy sell-off in global markets.
'Defence funding is channelled to State-owned research organisations where scientists are merely bureaucrats holding meetings and sending out minutes of meetings and press releases, but have long ago stopped any innovative work.' 'Unless this tragedy is fixed, India's chances to create world-conquering and job-creating new industries are slim,' says Ajit Balakrishnan.
China's move to devalue its currency has exposed the fragility of its economy.
The 30-share Sensex ended at 19,293 down 134 points or 0.69% and the 50-share Nifty ended at 5,835 down by 37 points or 0.64%.
Based on a feedback, the exchange could cap a sector's weight at 25 per cent, or align with the broader market.
In a bad day for investors, Indian stocks on Thursday plunged to this year's lowest levels, wiping out over Rs 1.1 lakh crore wealth, while gold prices tanked to a seven-month low in a knee-jerk reaction to global sell-off.
Murdoch's latest move is likely to lead to industry speculation that he is preparing the ground to sell off his UK-based newspapers that have come under cloud due to the phone-hacking controversy.
The Street was following the Karnataka election closely as a test for the Modi-led BJP's prospects in the 2019 Lok Sabha poll. Investors, however, are likely to wait for the next round of state elections to judge whether the momentum is still with it.
FII inflows subdued, investor sentiment remains sombre abroad
Chinese retail giant Suning Commerce Group Co Ltd has agreed to buy nearly 70 percent of famed Italian soccer club Inter Milan for 270 million euros ($307 million), the highest-profile takeover of a European team so far by a Chinese firm.
'We aren't so unreasonable as to demand that he should have fully reversed Indira Gandhi's worst economic legacy, bank nationalisation.' 'But he could have made a beginning by selling off the two most stressed small public sector banks, and then announced that each year for the next 10, one government bank with the most messed-up balance sheet will be sold.' 'It would have electrified the markets, shocked his other banks into better behaviour, and marked his name among the great reformers,' argues Shekhar Gupta.
'The target for next year is unlikely to be more than that of this year. The more you divest in any cycle, the less your potential pipeline for the next,' said an official. 'The first two issues we want to tackle and complete in FY20 are Air India and Hotel Ashok.'
Shannu Khatun, 35, is a beggar who has to earn a living for her family including her physically challenged husband, eight-year-old daughter and twin sons. She sold one of her sons for Rs 62 to a Nepalese couple at Forbesganj Railway Station.
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Gold prices on Friday tumbled by Rs 360 to Rs Rs 30,060 per 10 grams in the bullion market on Friday, while silver shed Rs 550 on sluggish demand amid weak global cues.
Jayanth Pooviah, director and chief executive officer of Deccan Charters, confirmed the development.
Experts find it difficult to predict a bottom for the bourses.
'The no-rate cut policy and preference to wait for the Budget and clarity on the fiscal front demonstrate RBI Governor Shaktikanta Das is maturing in his new role,' notes Tamal Bandyopadhyay.
The idea of floating Formula One has been around for more than a decade but there appears to be real momentum on this occasion to sell off as much as 30 percent of the company.
RIL, HDFC twins, M&M, Infosys among the top losers for the day.
'The Saudis are in the driving seat in navigating the relations with India; they set its compass and calibrate its pace,' points out Ambassador M K Bhadrakumar.
So by and large most of the mistakes by retail investors are committed because of lack of access to quality advice.
Over the past few months, Infosys has been battling allegations by Murthy and other former senior executives of falling corporate governance standards.
As many as 205 stocks touched their one-year low on the Bombay Stock Exchange.
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