The BSE Sensex dropped more than 1 percent on Friday, as weak Asian markets added to investor concerns about a slowing economy and shrinking corporate profits.
Suzlon Energy, the world's fifth-largest wind turbine maker, rose 2 percent to 45.60 rupees after it said it was negotiating for 2,000 megawatts of orders that could double its order book.
The stock initially fell 5.9 percent after the company posted a consolidated loss for the December quarter.
By 11:27 a.m., the 30-share BSE index was down 0.67 percent at 9,174.07 points, after falling as much as 1.6 percent. Twenty-three of its components were down.
The benchmark, which fell 52.5 percent in 2008 to mark its worst year ever, is down 5 percent so far this month. Foreign institutional investors have sold shares worth $1.1 billion in January after dumping more than $13 billion last year.
"The global market is under pressure and we are no different," said D.D.Sharma vice president at Anand Rathi Securities. "The market is looking at further monetary easing and government support as investors believe the economy, unlike the
west, can quickly respond."
Asian stocks snapped a four-day winning streak on Friday as investors retreated to safety with job losses accelerating globally while Washington scrambled to finalise a fix for banks.
State-run Power equipment maker Bharat Heavy Electricals Ltd fell 4.9 percent to 1,289 rupees after posting just a 2.5 percent rise in quarterly net profit disappointing the street, traders said.
