Indian stock markets saw a sharp selloff in the last hour of trade on Friday. The Sensex dropped over 150 points while the broader Nifty slipped below the key support of 5,600 in a broad based selloff.
At 03.10 p.m. the Sensex traded 157 points lower at 18,314 while the broader Nifty dropped 58 points or 1 per cent to 5,573.
Indian markets have fallen for five straight days tracking global weakness and poor domestic macro data. The Winter Session of Parliament, starting next week, may throw up some cues for the markets now.
"There has been selling in large cap stocks, but I don't think some big change has happened. Overall the chart suggests that a decent up move is likely ... declines to 5,550-5,500 should be a buying opportunity," Shardul Kulkarni of Angel Broking said.
High beta realty stocks dropped nearly 3 per cent. Banks and auto shares also traded with over 1.5 per cent cut.
On the Nifty, 44 of the 50 shares traded lower. Infra lender IDFC fell 3.6 per cent while PSU lender Punjab National Bank declined 2.9 per cent. Tata Motors, Bank of Baroda, DLF and ICICI Bank traded 2.5-3 per cent lower.
Shares in Bharti Airtel traded 4 per cent higher, outperforming the broader markets. Bank of America Merrill Lynch has upgraded mobile carriers Bharti Airtel and Idea to "buy" from "neutral" on the back of positive outcome of the 2G auction. BofA has raised the target price on Bharti to Rs 340 and Idea to Rs 105.
A weakness in global markets weighed on the domestic shares. Asian markets mostly ended lower while European stocks also traded in the red.