Market opens largely lower, Sensex falls nearly 400 points

New Delhi: Stock markets opened largely lower on Friday on feeble global cues amidst rising crude prices and rupee volatility.

Sensex and Nifty posted over 1 percent drop in early morning trade. The benchmark BSE Sensex fell 394.02 points or 1.13 percent to 34,385.56. Similarly the NSE Nifty dropped 124.30 points or 1.19 percent to 10,328.75.

Meanwhile, on a net basis, foreign funds bought shares worth Rs 140.02 crore, while domestic institutional investors sold shares to the tune of Rs 343.11 crore Wednesday, provisional data showed.

Stock exchanges were closed on Thursday on account of "Dussehra".

Asian stocks slipped further on Friday as China posted its weakest economic growth since the global financial crisis, adding to market concerns about trade disputes, rising US interest rates and Italy`s free-spending budget, a Reuters report said. The MSCI`s broadest index of Asia-Pacific shares outside Japan was 0.2 percent weaker following China`s latest GDP reading. Australian shares fell 0.3 percent and Japan`s Nikkei average was 1.1 percent lower.