Sensex falls 550 points, Nifty near 10400 in opening trade

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In contrast, Tata Steel, Asian Paint, Dr Reddy's, TCS, Hindustan Unilever and Coal India emerged gainers by surging up to 1.83 per cent.

The broader NSE index was down 1.6 percent at 10,410.50 as of 0549 GMT, while the benchmark BSE index was 1.5 percent lower at 33,893.08.

HPCL (-3%), Aurobindo (-2.7%), ICICI Bank (-2.6%), Axis Bank (-2.5%) and Tech Mahindra (-2.4%) were the top losers in today's trade.

For the quarter ended December 31, profit was Rs 1294 crore ($200.99 million), compared with Rs 243 crore in the same period a year earlier, the steelmaker said in a statement.

The correction had begun last Friday after a strong US jobs data raised inflationary concerns and worries that the US Federal Reserve would raise interest rates faster.

European markets also tumbled on Thursday as oil prices plunged and the Bank of England hinted at somewhat earlier and deeper-than-expected rate hikes after standing pat on rates as widely expected.

United States vows new North Korea sanctions ahead of Olympics face-off
A source from within the Olympic movement told Reuters a delay in delivering the phones had been due to "a misunderstanding". Friday's ceremony will be attended by North Korea's delegation, including its nominal head of state, Kim Yong Nam.

Nifty50 was trading at 10,407 points and was down by 169 points of 1.60%.

"Additionally, the Bank of England (BoE) yesterday, 8 February 2018 said that it is likely to raise interest rates earlier and faster than previously expected to dampen the effects of a stronger global economy on United Kingdom inflation".

Market breadth was mildly positive with 1,404 stocks closing higher against 1370 ending lower on BSE.

Indian shares fell over 1 percent on Friday and were headed for their first. The actual dip was of 1,033 points or 4.15% to 23,860 points.

Closer home, benchmark indexes Sensex and the Nifty rose about 1 percent on Thursday after encouraging quarterly results from the likes of ACC, BHEL and Cipla.

Nikkei was up 0.6 percent and South Korea's Kospi was up by 0.5 percent.