Mumbai: The benchmark BSE Sensex was trading 307 points lower at 12:20 p.m., pulled down by political news trickling in from New Delhi, where Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) has lost the support of a southern ally.
However, Suzlon Energy (up 2.40 per cent), JSW Energy (up 1.40 per cent), Adani Transmission (up 1.29 per cent), Adani Power (up 0.71 per cent) and Power Grid Corporation of India (up 0.64 per cent) were among the gainers in the index.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 33,685.54 points - down 150.20 points or 0.44 per cent from the previous session's close.
Among the 50 stocks in the Nifty index, 10 were trading in the green, while 40 were in the red.
Shares of Mahindra & Mahindra were trading with a gain of almost 2 per cent in the Sensex index.
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Indian shares fell on Friday with financial and energy stocks taking the brunt as fears of a trade war due to the imposition of USA tariffs preyed on investors' minds.
Hong Kong's Hang Seng was down 0.24% and Shanghai Composite shed 0.11% in early trade today. The broader NSE Nifty dipped below the 10,200-mark to hit a low of 10,180.25 before ending at 10,195.15, down by 165 points, or 1.59 per cent.
The BSE market breadth was, however, bullish with 1,636 advances and 1,053 declines.
The volatility index, India VIX down 0.34% at 14.2800.
"World Bank prediction of 7.3 per cent growth in FY19 will give a positive long term sentiment, but global trade concerns and scepticism on upcoming state election will refrain market for a decisive up move", he added.