The BSE Sensex and NSE Nifty opened 0.5% lower on Friday morning following weak Asian cues. Oil & gas and technology stocks were under pressure.
SKS Microfinance shot up 17% after cabinet cleared Microfinance Bill yesterday, overriding state legislations on microfinance institutions.
The BSE benchmark was down 33.54 points at 16,386.51 and the NSE benchmark declined 14 points or 0.28% to 4,951.65.
IDFC, Maruti Suzuki, Asian Paints, PNB, Axis Bank, State Bank of India, Kotak Mahindra Bank, JSPL, Ambuja Cements, SAIL, Hindalco, ITC, Cairn and ONGC were under pressure in early trade.
However, Cipla gained 1% after it met analysts' expectations for fourth quarter numbers.
BPCL, Sesa Goa, Infosys, BHEL and DLF were supporting the market.
The CNX Midcap Index fell 25 points to 7,038 and the Nifty Junior was down 51 points at 9,703.
In the second line shares, Aptech gained 3% as Rakesh Jhunjhunwala acquired 2.2% stake in the company yesterday at Rs 70.44/share, raising stake to 34.20%.
Manappuram General Finance gained 2.5% and KPIT Cummins rallied 3%.
Future Capital gained 0.4% as CNBC-TV18 reported quoting sources that Warburg Pincus seeks majority stake in the company.
Sintex Industries tanked 4% after its net profit fell 46% YoY to Rs 91 crore for the fourth quarter of FY12.
Infrastructure stocks caught in bears' grip. IVRCL, Lanco Infra, IRB Infrastructure, GVK Power and GMR Infrastructure lost 2-3%.
Results Reaction: Lupin was down 2% while Jain Irrigation gained 2%.
Kingfisher Airlines plunged nearly 5% and United Spirits was down 1.7%.
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Like Bank Nifty; mkt has strong support at 7700: PhillipCap