Indian equity benchmark Sensex plunged over 1,000 points
to fall below the 55,000-level on Friday, following deep losses in IT, finance,
banking and energy stocks amid widespread selling in the global markets. A weak
rupee, rising crude prices and relentless foreign capital outflows further
weighed on sentiment, traders said.

The BSE Sensex ended 1,016 points or 1.84% lower at
54,303.44. Likewise, the NSE Nifty slumped 276.30 points or 1.68% to 16,201.80.

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The broader indices ended in red with the BSE Mid cap
index down by 0.64%, while the Small cap index was down by 0.70%. On the
sectoral front, Telecom was up by 0.12%, while Oil & Gas down by 2.09%, IT
down by 2.09%, Energy down by 2.01%, TECK down by 1.87% and Bankex down by
1.81% were the top losing indices on BSE.

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Major losers from the Sensex pack were Kotak Mahindra
down by 3.96%, Bajaj Finance down by 3.90%, HDFC down by 3.80%, Reliance down
by 3.02%, Wipro down by 2.99%, Tech Mahindra down by 2.51%, Infosys down by
2.47%, Tata Steel down by 2.09%, HDFC Bank down by 1.94% and Bajaj Finserv down
by 1.79%.

Among the gainers were Asian Paints up by 0.78%, Dr
Reddys Labs up by 0.62%, UltraTech Cement up by 0.52%, Hindustan Unilever up by
0.14%, Maruti Suzuki up by 0.12%, Titan Company up by 0.12% and Nestle up by
0.11%.

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According to rating agency ICRA, operating profit margins
of information technology companies can moderate by up to 1.50% in the near
term as wage cost inflation coming on the back of high attrition hits players
in the over USD 200 billion industry.

The rupee declined 11 paise to close at a record low of
77.85 against the US dollar on Friday.

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After a massive sell-off in the US market, bourses in
Tokyo, Hong Kong, and Seoul settled sharply lower, while Shanghai ended in the
green.

European markets were seeing intense selling pressure in
the afternoon session.

Brent crude, the international oil benchmark jumped 0.45%
to $123.62 per barrel.

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The basket of crude oil that India buys has touched a
decade high of $121 per barrel, but selling prices of petrol and diesel
continue to remain frozen.

The Indian basket on June 9 touched $121.28, matching
levels seen in February-March 2012, according to data available from the oil
ministry’s Petroleum Planning and Analysis Cell (PPAC).

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According to stock exchange data, foreign institutional
investors (FIIs) remained net sellers in the capital market, as they sold
shares worth Rs 1,512.64 crore on Thursday.