The NSE Nifty 50 dipped to a low of 21,932, but eventually managed to hold on to the 22,000-mark as it closed with a loss of 123 points at 22,023.
Mahindra & Mahindra was the top loser among the Sensex 30 stocks, down 5 per cent. Tata Motors, HCL Technologies, NTPC, Larsen & Toubro, Asian Paints, SBI, Axis Bank, Sun Pharma, Infosys, UltraTech Cement, Tech mahindra and Reliance Industries were the otehr major losers, down 1-3 per cent each.
On the positive front, Bharti Airtel scaled a fresh all-time high and ended with a gain of 2 per cent.
Among other stocks, HPCL, Indian Oil and BPCL slid 6-8 per cent after the government cut prices of petrol and diesel by Rs 2 per litre from today.
Asian stocks slumped on Friday, tracking tech-led declines on Wall Street overnight after hotter-than-forecast U.S. inflation knocked back bets for how soon and often the Federal Reserve will cut interest rates.
Tokyo stocks opened lower on Friday after Wall Street shares fell on renewed worries over inflation. The benchmark Nikkei 225 index was down 0.60 percent, or 231.47 points, to 38,575.91 in early trade, while the broader Topix index slipped 0.21 percent, or 5.48 points, to 2,656.11.
US stocks dropped on Thursday, with chipmaker stocks extending losses for a second day, and as a jump in producer prices left investors wondering if the Federal Reserve might wait longer than expected to cut interest rates.
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