The NSE index fell for a third consecutive session on Friday, its lowest close in over two weeks as IT exporters declined on concerns over fourth-quarter earnings after bellwether Tata Consultancy Services' results failed to cheer investors.

Money managers worry slowdown seen by India's largest software services exporter could be an indicator of an industry-wide trend and marks a weak start to the January-March earnings season.

Investment bank UBS reduced its target for India's broader NSE index to 9,200 from 9,600 saying growth recovery is slower than expected and is playing out in quarterly corporate results.

"Jan-March earnings are already expected to be weak and TCS results have just made case for a reduction in market's estimates," said Aneesh Srivastava, chief investment officer at IDBI Federal Life Insurance.

The 50-shares NSE index fell 1.16 per cent, heading towards its lowest close since April 1, while the benchmark BSE index is down 0.78 per cent.

Both the indexes are also heading for their first weekly fall in three weeks.

The Sensex was down 0.78 per cent or 224 points at 28,422.10 while the NSE Nifty was down 100.70 points or 1.16 per cent at 8,606.

Software exporters led the declines. The NSE benchmark for technology stocks, CNX IT index, was down over 2 per cent.

TCS fell 4.22 per cent, Infosys shares fell 0.67 per cent, Wipro lost 2.4 per cent, while Tech Mahindra dropped 2.12 per cent and HCL Technologies fell 1.45 per cent.

Among drug makers, Lupin slumped 6.55 per cent, heading towards its biggest daily fall since August 2013, after rival Aurobindo Pharma got US Food and Drug Administration's approval for generic Suprax, which is Lupin's flagship anti-infective brand in the US.

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