Extending its losses for the fourth straight session, equity benchmark Sensex slipped below the 51,000-mark by tumbling 435 points on Friday, tracking losses in ICICI Bank, Axis Bank and SBI.

The 30-share BSE index ended 434.93 points or 0.85 per cent lower at 50,889.76.

Similarly, the broader NSE Nifty gave up the 15,000 level, dropping 137.20 points or 0.91 per cent to 14,981.75.

ONGC was the top loser in the Sensex pack, shedding around 5 per cent, followed by SBI, Axis Bank, ICICI Bank, Bajaj Auto and Maruti.

On the other hand, IndusInd Bank, HUL, Dr Reddy's, NTPC and Reliance Industries were among the gainers.

According to Binod Modi, Head-Strategy at Reliance Securities, domestic equities fell sharply as profit booking across the sectors dragged the benchmark indices.

Bank and auto Indices corrected sharply by 2-3 per cent, while PSU bank index witnessed steeper correction by over 5 per cent after registering back-to-back gains in last five trading days.

"A pullback in broad index was quite visible in last three days. However, investors continued to show interest in midcap and smallcap stocks given improved earnings outlook," he added.

Elsewhere in Asia, markets in Tokyo ended on a negative note, while Shanghai, Hong Kong and Seoul closed with gains.

Stock exchanges in Europe were also trading in the positive terrain in mid-session deals.

Meanwhile, the global oil benchmark Brent crude was trading 1.24 per cent lower at USD 63.14 per barrel.