The BSE Sensex dropped by 195.16 points, closing at 73,677.13, while the Nifty shed 49.30 points to close at 22,356.30. Among the Nifty companies, 21 witnessed advances, while 29 declined.
The National Stock Exchange's (NSE) Nifty 50 started the day down by 34.35 points or 0.15 per cent at 22,371.25, while the Bombay Stock Exchange's (BSE) Sensex dropped 104.87 points or 0.14 per cent to 73,767.42 in the opening trade.
Simultaneously, the Nifty took a hit of 243.30 points, kicking off at 21,786.00. Market sentiments were strongly bearish, reflecting concerns about the economic outlook.
BSE Sensex dropped below 59,800 level as it declined 479 points to 59,637.06 while NSE's Nifty 50 fell 141 points to 17,750.60 in morning trade on Friday.