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The market opened lower tracking the weakness in Asian markets and subdued sentiment as Ukraine concerns resurface.
The 30-share BSE Sensex was down 146 points lower at 21,630 and the 50-share NSE Nifty index shed 44 points in opening trades at 6,449 levels.
Investors will also focus on wholesale price-indexed (WPI) inflation data for the month of February. The WPI inflation in the month of January stood at 5.05 per cent.
Global concerns resurfaced as latest reports indicate that Russia's Defense Ministry announced new military operations in several regions near the Ukrainian border on Thursday, even as Chancellor Angela Merkel of Germany warned the Kremlin to abandon the politics of the 19th and 20th centuries or face diplomatic and economic retaliation from a united Europe. Sunday's Crimean referendum on joining the Russian Federation will be closely eyed.
China's industrial output rose 8.6 percent in the first two months of 2014 from a year earlier, missing market expectations, with growth in retail sales also weaker than expected. Annual growth in factory output in the first two months of the year is the weakest since March 2009.
Around the globe
US stocks tumbled overnight, with the Dow and the S&P 500 suffering their worst day since early February, on rising concerns over Ukraine and Russia and new signs of a slowdown in China. Selling accelerated in afternoon trading after Russia launched military exercises near its border with Ukraine, showing no sign of backing down in its plans to annex its neighbor's Crimea region despite a stronger-than-expected push for sanctions from the EU and the United State
Japanese stocks skidded 2.7% to a one-month low on Friday morning as concerns over Ukraine and slowing growth in China rattled investors, underpinning the safe-haven yen and hurting exporters. The Nikkei share average fell 395.04 points to 14,420.94 in mid-morning trade after dropping to a low of 14,408.62 earlier, the weakest since February 17
Domestic markets a day earlier, traded in the positive zone on lower CPI for February slipped to 8.1 percent from 8.79 percent in January, which is near to RBI's comfort level of 8 percent. Moreover, Indian markets traded near to record high in the noon trade on the back of support from Bank, Oil & Gas and PSU. Rate sensitive counters registered major gains on hopes that the RBI will keep policy rates unchanged in the policy meet scheduled to be held on 1st April whereas IT sectors tanked over 3% on the back of weak guidance by index heavyweight Infosys.
