The 30-share Sensex, which closed 158.52 points higher in the previous session, fell by 151.47 points, or 0.95 percent, to 15,707.02 in opening trade Friday.
In a similar fashion, the wide-based National Stock Exchange Nifty Index shed 46.75 points, or 0.98 percent, to 4,709.70.
Bucking the trend, stocks of retail firms were in good demand after the government cleared 51 percent foreign direct investment in the multi-brand retail sector yesterday.
Stocks of Pantaloon Ltd climbed 10.47 percent to Rs 221.30, while Shopper's Stop gained 7.39 percent to Rs 399.75 after the government took a decision to allow 51 percent FDI in the multi-brand retail sector, which was earlier off-limits to foreign players.
All the sectoral indices were trading in the negative zone, with losses of up to 1 percent.
Brokers said apart from profit-booking by speculators after yesterday's gains, a weakening trend in other Asian markets on concerns over the eurozone debt crisis dampened the trading sentiment at home.
Meanwhile, in the Asia region, Hong Kong's Hang Seng Index was down by 1.22 percent and Japan's Nikkei shed 0.32 percent in morning trade Friday. The US market was closed yesterday for 'Thanksgiving Day'.
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