The BSE Sensex fell on Friday led by declines in bank shares as RBI chief Raghuram Rajan's comments on inflation being still high, were seen weighing on market sentiment.
The BSE Sensex fell 0.27 percent while the broader NSE index .NSEI was down 0.25 percent at 1021 am.
ICICI Bank Ltd (ICBK.NS) fell 2.31 percent while HDFC Bank Ltd (HDBK.NS) was down 1.92 percent.
However, shares in Bharat Petroleum Corporation Ltd (BPCL.NS) surged 8.73 percent and Videocon Industries (VEDI.NS) was up 2.6 percent after a drilling campaign off Brazil's northeastern coast showed that an area controlled by Petrobras and the Indian companies likely holds more than a billion barrels of oil.
Sun Pharmaceutical Industries Ltd (SUN.NS) gained 1.5 percent after earlier touching an all-time high of 597.50 rupees on expectations of higher sales of its key cancer drug.