It was another freaky session for the market on Friday as bears retained control over Dalal Street. The Monetary Policy Committee's surprise move to hold policy rates spooked stocks and currency alike. The BSE Sensex shed nearly 1,000 points intraday and the rupee fell to a fresh low of 74/$. Weak global cues also hit investor sentiment.

The selling was broadbased as all sectoral indices collapsed barring IT which got a boost from the currency depreciation. Index heavyweights like Reliance Industries, HDFC, ITC etc, considered most defensive plays for the market, also saw capitulation.

The 30-share BSE Sensex cracked 792.17 points or 2.25 percent to 34,376.99 and the 50-share NSE Nifty plunged 282.80 points or 2.67 percent to 10,316.50, continuing correction for third consecutive session.

Nearly Rs 4 lakh crore worth of investors' wealth eroded in today's fall, taking total weekly loss to over Rs 8 lakh crore. For the week, the Sensex lost 5 percent and the Nifty 6 percent.