Reuters Market Eye - The Sensex is down 0.6 percent, while the Nifty is 0.56 percent lower, retreating from record highs hit on Thursday.
Shares are being dragged down by a slide in the region as steep falls in U.S. technology and biotechnology stocks are spreading to other sectors and regions.
Traders also cite caution ahead of February factory output data due later in the day, while due next week are consumer inflation data and the start of quarterly earnings reports.
Among blue chips, Housing Development Finance Corporation Ltd falls 1.4 percent while Reliance Industries is down 0.8 percent.
Bank shares <.NSEBANK> fall 1.2 percent after a Reserve Bank of India (RBI) panel recommended a slew of measures, including potentially changing how lending rates are set for the sector, raising worries about overall profitability.
(Reporting by Abhishek Vishnoi)
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