The Sensex is down 111 points, and RIL is down more than 7%

Benchmark indices fell on Friday, with the Sensex falling 111 points due to a sharp drop in index heavyweight Reliance Industries. The BSE benchmark dropped 111.01 points, or 0.21 percent, to 52,907.93. It fell 924.69 points, or 1.74 percent, during the day to 52,094.25. The NSE Nifty fell 28.20 points, or 0.18 percent, to 15,752.05.

The government imposed an export tax on gasoline, diesel, and jet fuel (ATF) on Friday, joining nations such as the United Kingdom in imposing a windfall tax on domestic crude oil production. Reliance Industries fell 7.25 percent in the Sensex pack.

Other major laggards included PowerGrid, NTPC, Bharti Airtel, Maruti, Dr Reddy's Laboratories, and ICICI Bank. ITC, Bajaj Finance, Bajaj Finserv, Hindustan Unilever, Asian Paints, TCS, and HDFC, on the other hand, were among the top gainers.

"Unfavourable cues from the domestic market led to a weak start due to weakness in the rupee and selling in oil refineries as the government imposed an additional export duty on petrol and diesel. Adding to the weakness, India's factory output growth slowed down during June, as high inflation continued to dampen demand," said Vinod Nair, Head of Research at Geojit Financial Services.