Weak Asian cues along with profit booking dented India's key equity indices -- S&P BSE Sensex and NSE Nifty50 - during Friday's mid-afternoon trade session.
In the initial trade hours, the market struggled at lower levels after a gap down opening on October 1.
Globally, Asian markets after opening lower are languishing at low levels.
Furthermore, European markets have opened lower on growth and inflation fears.
On the domestic front, realty, telecom, auto and FMCG are the main losers so far, whereas metals is the main gainer.
Accordingly, the 30-scrip sensitive index traded at 58,700.08 points around 1.15 p.m., down 426.28 points or 0.72 per cent.
The Sensex opened at 58,889.77 points from its previous close of 59,126.36 points.
Besides, the NSE Nifty50 traded at 17,499.85 points, down by 118.30 points or 0.67 per cent.
"Weakness in other Asian markets has impacted sentiments despite encouraging macro data locally," said Deepak Jasani, Head of Retail Research, HDFC Securities.
"Indian markets may make an attempt to partially recover the opening loss, later in the day."
According to Likhita Chepa, Senior Research Analyst, CapitalVia Global Research: "Traders were cautious, as government fiscal deficit touches 31.1 per cent of budget estimates at the end of August."
"Our research suggests that the market may extend its losses fueled by the concerns surrounding global economic recovery and persistent inflationary pressure in the US."