The trends on Gift Nifty also indicate a weak start for the Indian benchmark index. The Gift Nifty was trading around 24,775 level, a discount of nearly 50 points from the Nifty futures’ previous close.

Sensex fell 385 points to close at 81,749, while the Nifty declined 100 points to 24,668. However, midcap stocks outperformed, with the Midcap Index gaining 451 points to settle at 59,443.

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The Nifty index is finding resistance near the 24,850 zone. The bias and sentiment for the index improved at the end of the week, experts say.

The domestic IT stocks weighed heavily on domestic benchmark indices, whereas a last-hour recovery in financial stocks saw the Nifty 50 and Sensex come slightly off lows after extending early losses on Monday.