Indian benchmark indices, which initially surged to fresh record highs, gave up those gains soon and lost near one per cent at close, in the face of a global sell-off. In the broader market at the BSE, the Mid-Cap index down by 2.31 percent, while the Small-cap index fell 2.22 percent. 26 out of 30 companies registered losses in the Sensex index.

Snapping their winning streak of the last four consecutive session, the Sensex closed the day with a loss of 755 points or 0.93 percent at 80,588 and the Nifty ended at 24,525 down 275 points or 1.11 percent.

In the forex market, the rupee was trading in a narrow range against the US dollar and ended flat at Rupee 83.66.

In Multi Commodity Exchange, Gold prices were trading down on Friday. The precious metal, for August contract, was down by over one percent and trading at 73,340 rupees per 10 grams, whereas Silver for September contract, was down by 2.10 percent and trading at 89,847 rupees per kilogram when reports last came in.

In the Global Crude Market, Brent crude was down by 0.31 percent, to 84 dollars and 85 cents per barrel, when reports last came in.