In opening trades, Sensex nosedived 698 points or 1.19% to 58,096 while Nifty was quoting at 17,338 plummeting 197 points or 1.13%.
The Indian Navy has commissioned the Fourth Scorpene-Class Submarine i.e (INS Vela) built by Mazagon Dock Shipbuilders on 25 November 2021.
Overseas, Asian stocks are trading lower on Friday, as a new virus variant added to swirling concerns about future growth and higher US interest rates
Kotak Securities is bullish on Zee Entertainment with a price target of Rs 360 per share.
Nifty Energy index led the sectoral pack with gains of 2.40%, followed by the Nifty Realty index that rose 1.95%.
Nifty Bank, Nifty FMCG, Nifty Metal and Nifty Pharma indices lost upt0 0.52% in early trades.
The Bank of Korea raised its policy rate by 25 basis points to 1%, a move that was largely expected.
GCL Securities is bearish on IndusInd Bank with a price target of Rs 940 per share.
Shares of Paytm settled with gains of 17% amid bargain buying, up almost 40% from record lows.
While the 6.4% correction from the peak in Nifty has made the market healthy, the valuations continue to be high.