Equity indices fell sharply by nearly 2 per cent each, extending their decline for the third day running on Friday, amid an overall bearish trend in global markets.

The 30-share BSE Sensex tanked 1,020.80 points or 1.73 per cent to settle at 58,098.92.

During the day, it tumbled 1,137.77 points or 1.92 per cent to 57,981.95.

The NSE Nifty plummeted 302.45 points or 1.72 per cent to end at 17,327.35.

Among the 30-share Sensex pack, Power Grid slumped 7.93 per cent.

The other major laggards were Mahindra & Mahindra, State Bank of India, Bajaj Finserv, Bajaj Finance, NTPC, HDFC and IndusInd Bank.

Sun Pharma, Tata Steel and ITC were the only gainers.

Elsewhere in Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong ended lower.

Meanwhile, the international oil benchmark Brent crude declined 1.87 per cent to $88.77 per barrel.

Foreign institutional investors (FIIs) offloaded shares worth a net Rs 2,509.55 crore on Thursday, according to data available with the BSE.