Reuters Market Eye - The BSE Sensex falls more than 1 percent, headed for its second successive weekly fall. The Nifty is down 1.2 percent.
Power Grid Corp of India falls after it announced a secondary offering on fears that state-run utility would price the offering at a discount to attract investor interest.
State-run banks drop for second day on worries about declining asset quality.
Bank of America Merrill Lynch downgrades public sector lenders Bank of Baroda and Union Bank of India [ID:nL4N0G31RG]
Shares in Titan Industries Ltd up 8.2 percent after Deutsche Bank upgraded the stock to "buy" from "hold" after the jewellery maker's April-June results.
(Reporting by Himank Sharma)