New Delhi: The weakness in markets continues for the fourth day in row as it opened on bearish note in line with global cues on the last trading day of week.
The benchmark Sensex crashed more than 175 points in opening trade on Friday on all-round selling by funds as well as retail investors triggered by melt down in global markets.
The BSE-30 share benchmark Sensex, which had lost over 350 points in the past two sessions, tumbled 175.57 points at 14,010.61 points in the first five minutes of the trade.
Similarly, the Nifty index on the wide-based National Stock Exchange dipped by 53.05 points to 4,126.45.
Stockbrokers said melt down on the global stock markets, which were down by nearly 1.5 per cent, triggered panic selling by funds.
They said rising crude oil prices in global markets, which surged to nine-month high of 67 dollars a barrel, too acted as a negative factor.
Liquidity crunch in the wake of two big IPOs in the form of DLF and ICICI Bank is also a major concern.
All the BSE-30 and NSE-50 shares were in the negative zone with significant losses. However, all the sugar stocks were trading in green on likely sops.
Asian stocks were also went down sharply in early trading on Friday, with Japan's Nikkei Average shedding as much as 326 points as blue chips Sony Corp and Mazda Motors declined after US and European stocks traded lower on concerns over rising interest rates and surging bond yields.
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