Indian markets fell sharply tracking weak global cues on Friday. Sustained selling pressure was seen across board. IT, financials, pharma and energy stocks was badly hit today.

BSE Midcap and Smallcap index dropped 1.25% and 1.06% respectively.

At the close, the benchmark 30-share index, BSE Sensex declined 549.49 points or 1.11% at 49,034.67 with 25 components registering drop.  Meanwhile, the broad based NSE Nifty went down by 161.90 points or 1.11% at 14,433.70 with 45 components posting drop.

Oil & Natural Gas Corporation  contributed fall of 75.17 points in the Sensex.  It was followed by Housing Development Finance Corporation  (74.4 points), ICICI Bank (72.17 points), Infosys  (62.95 points) and Reliance Industries  (49.3 points).

However, ITC  contributed rise of 93.47 points in the Sensex.  It was followed by Bharti Airtel  (46.17 points), Bajaj Auto  (1.24 points), Tata Motors  (0 points) and HDFC Bank  (0.26 points).

Biggest gainers in the 30-share index were Bharti Airtel  (3.84%), ITC  (1.77%), Bajaj Auto  (0.16%),  and Bajaj Finance  (0.11%).

On the other hand, Tech Mahindra  (4.35%), HCL Technologies  (3.73%), Oil & Natural Gas Corporation  (3.48%), Asian Paints  (2.76%), Housing Development Finance Corporation  (1.95%),  and Hindustan Unilever  (1.94%) were the major losers in the Sensex.

Market breadth was negative with 1,080 advances against 1,946 declines.