Indian equities witnessed intense selling pressure across board on Friday tracking weak global cues. Rising geopolitical tensions and fears of COVID-19 cases dragged the sentiment down. Banking, financial and auto stocks were badly hit.

Midcap and Smallcap indices were down 1.75% and 0.74% respectively.

At the close, the benchmark 30-share index, BSE Sensex declined 1,939.32 points or 3.80% at 49,099.99 with 29 components registering drop.  Meanwhile, the broad based NSE Nifty fell by 568.20 points or 3.76% at 14,529.15 with 50 components posting drop.

All shares in the Sensex pack settled with losses.  Oil & Natural Gas Corporation (6.60%), Mahindra & Mahindra  (6.35%), Axis Bank  (5.98%), Kotak Mahindra Bank (5.96%), Bajaj Finserv  (5.95%),  and Power Grid Corporation Of India  (5.69%) were the biggest losers in the Sensex.

Market breadth was negative with 1,062 advances against 1,853 declines.

Commenting on the market outlook, Hemang Jani, Head of Equity Strategy, Broking & Distribution, Motilal Oswal Financial Servcies said, "Equity markets opened gap down following spike in global bond yields and extended its weakness further as the session progressed. Panic in global bond markets led to sharp rise in yields which spooked investors amid fears of interest rate cycle reversal. Sensex tumbled 1800 points while Nifty tanked 500 points largely led by sharp fall in banking and financial stocks. Nifty Bank and Nifty Financials are down almost 5% against ~3.5% fall for Nifty. However the fall in the broader market is less severe with Nifty Midcap 100 and Nifty Small cap 100 down ~2%. India VIX has spiked 27% to 29 levels. Investors have thus turned to Pharma stocks amidst this market crash which is down just 0.4%. This sector has been in consolidation mode so far 2021YTD as it witnessed profit booking post sharp rally in CY20. It has also got boost from second PLI scheme being approved for the sector. The market correction might continue for some time till inflation fears ease down."