BSE Sensex falls around 1.25 percent and the NSE Nifty is down 1.3 percent. Lenders stocks fall after RBI (Reserve Bank of India) Governor D Subbarao said on Thursday retail inflation is still high,and several upside risks to inflation remain. HDFC Bank shares down 2.9 percent,while ICICI Bank Ltd 0.44 percent.
Recent outperformers such as Sun Pharmaceutical Industries Ltd and Mahindra & Mahindra fall on profit-booking after making their respective all-time highs on Thursday. Sun Pharma falls 1.6 percent while M&M is down 3 percent.
DLF Ltd falls 3 percent after India’s largest real estate developer posted its first-ever quarterly net loss,weighed down by slowing home sales in a sluggish economy.