Nifty slips below 17,200, Sensex down by 300 points; IT shares outperform

Domestic equity benchmarks Sensex and the Nifty corrected 0.50% each soon after opening flat. Nifty slid below 17,200, while Sensex traded lower by 300 points soon after opening. 

Earlier, the Indian markets started on a flat note amid weak global cues on the last trading day of the week on Friday. Headline indices Nifty50 and Sensex started Friday's session at 58,021.63 and 17,276.00, respectively, even as the IT shares lent support to the indices amid volatility in the market.

See Zee Business Live TV Streaming Below:

The Bank Nifty opened at 36,491.80 and corrected minutes after the opening trade to 36,271.40, down 277.25 points from the previous closing.

Infosys, HCL Technologies, TCS, Tech Mahindra, Dr Reddy's and Wipro were the top gainers on the Nifty and the Sensex, while Titan, Kotak Bank, Maruti, Tata Motors, Asian Paints, Axis Bank dragged them the most.

In the pre-open, the Sensex was trading flat with 2 points gain at 57,903.30 at 9.03 am as even 13 shares advanced, 16 declined and one remained unchanged.

Earlier, the SGX Nifty hinted at negative to flat opening for the Indian stock markets as the futures index was trading with 30 points weakness on the Singaporean stock exchange around 9 am on Friday, hinting at negative opening for the domestic equity benchmarks.

In the Asian markets, all major indices traded negatively, while the US indices also closed in the red on Thursday, a day after the Fed meeting outcome.

Among the Asian indices, Nikkei 225 was trading lower by 0.88%, Hang Seng Index slipped 0.22% and Shanghai Composite declined 0.06% in Friday morning trade.

For the Wall Street indices, Dow Jones ended marginally down by 0.08%, Nasdaq Composite corrected as much as 2.47%, S&P 5000.87% and Russell 2000 was down by 1.95% in Thursday's closing.