Equity benchmark Sensex dropped 215 points on Friday, tracking losses in index heavyweights Reliance Industries, HDFC and SBI, after the Reserve Bank kept interest rates unchanged and maintained its accommodative stance.

The 30-share index ended 215.12 points or 0.39 per cent lower at 54,277.72, while the broader NSE Nifty fell 56.40 points or 0.35 per cent to 16,238.20.

Reliance Industries was the top laggard in the Sensex pack, shedding over 2 per cent, followed by UltraTech Cement, SBI, Tata Steel, HDFC and Axis Bank. On the other hand, IndusInd Bank, Bharti Airtel, Tech Mahindra, Maruti, NTPC and Bajaj Auto were among the gainers.

Binod Modi, Head - Strategy at Reliance Securities, said domestic equities traded range-bound but sharp correction in RIL dragged the market.

"RBI's policy meeting outcome was broadly on expected line with continued focus to support economic recovery through soft monetary policy," he said, adding that RIL witnessed sharp correction after the Supreme Court's ruling came in favour of Amazon in the Reliance-Future Group deal.

Further, weak cues from Asian markets also weighed on sentiments.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Seoul were in the red, while Tokyo ended with gains.

Equities in Europe were trading on a positive note in mid-session deals.

Meanwhile, international oil benchmark Brent crude advanced 0.56 per cent to USD 71.69 per barrel.