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Equity benchmark indices Sensex and Nifty nursed losses for the third consecutive session on Friday, in lockstep with a weak trend in global equities as concerns over economic growth and a slowdown in quarterly earnings sapped investors' risk appetite.

Surging crude oil prices and a strengthening dollar index also contributed to the weak trend in equities.

In a volatile trade, the 30-share BSE benchmark Sensex declined 241.30 points, or 0.31 percent, to settle at 77,378.91. During the day, the benchmark gyrated 820.15 points between the day's high of 77,919.70 and a low of 77,099.55.

The NSE Nifty dropped 95 points, or 0.40 percent, to 23,431.50.

From the 30-share blue-chip pack, IndusInd Bank, NTPC, UltraTech Cement, Sun Pharma, Axis Bank, State Bank of India, Tata Steel, Power Grid, Adani Ports, and Kotak Mahindra Bank were among the major laggards.

Tata Consultancy Services jumped nearly 6 percent after the IT services company reported an 11.95 percent jump in the December quarter net profit to Rs 12,380 crore.

Tech Mahindra, HCL Tech, Infosys, and Bajaj Finserv were the other big gainers.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 7,170.87 crore on Thursday, according to exchange data.

"Domestic market sentiment remained subdued due to rising crude oil prices, driven by supply concerns, and a strengthening dollar index. Despite the IT sector's resilience following positive early Q3 results, broader indices bled due to uncertainties surrounding Trump policies and high valuations.

"Consolidation may persist in the near term, yet investors are closely watching the US non-farm payroll data today for further guidance," Vinod Nair, Head of Research, Geojit Financial Services, said.

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong settled lower.

European markets were trading lower. US markets were closed on Thursday.

Global oil benchmark Brent crude jumped 2.02 percent to USD 78.47 a barrel.

In the previous session, the 30-share BSE benchmark dropped 528.28 points, or 0.68 percent, to sink below the 78,000 level at 77,620.21. The Nifty slumped 162.45 points, or 0.69 percent, to 23,526.50.