MUMBAI: The BSE Sensex opened 2.85 percent lower on Friday, tracking losses in Asian markets and ahead of what is expected to be weak industrial output data.
At 9:56 a.m., the 30-share BSE index was down 3.39 percent at 9,318.14 points.
The 50-issue NSE index was down 3.26 percent at 2,824.85 points.
According to a Reuters poll, industrial output probably grew just 2.2 percent in October from 12.0 percent a year ago, and sharply down from 4.8 percent in September.
State-run oil marketing companies like Hindustan Petroleum, Bharat Petroleum and Indian Oil Corp could be in focus after the Economic Times, citing an unnamed source, said petrol and diesel prices could soon be deregulated.
Foreign funds have been net buyers of around $480 million of shares over the four sessions to Wednesday, with dealers saying select blue chips were in demand.
"There is definitely some interest. But, it is not that they are all out there buying," said Marfatia.
On Thursday, the 30-share benchmark index closed 9.44 points lower at 9,645.46 after having fallen as much as 2.2 percent in the day.
At 0321 GMT, Japan's Nikkei was down 1.3 percent, and the MSCI index of Asia-Pacific stocks excluding Japan dropped nearly 3 percent.
Nifty futures in Singapore were down 2.9 percent, pointing to a lower open in the Indian market.
STOCKS TO WATCH
* Bosch Ltd after the firm said it has decided to declare a lockout at its plant in Jaipur due to a strike by workers.
* Mangalore Refinery &Petrochemicals Ltd after it said the third phase of an increase in refinery capacity will be delayed to October 2011 from June 2010.
* Mahindra & Mahindra after the top utility vehicle and tractor maker said it was cutting production of tractors in December due to sluggish demand.
