New Delhi, May 29 -- Indian stock markets witnessed a sharp sell-off in the final hour of trading on Friday as investors reacted to weak monsoon forecasts, MSCI rebalancing, and global geopolitical concerns.

The Nifty 50 fell 359 points, or 1.5 per cent, to close at 23,547, while the Sensex dropped 1,092 points to end at 74,775.

Selling pressure was seen across most sectors, except IT, which gained 0.6 per cent. Oil & Gas, Metal, and Auto stocks were among the biggest losers, each falling around 2 per cent.

Commenting on the slide, Mahesh M Ojha of KC Securities said the market witnessed selling pressure due to domestic triggers. "Monsoon prediction is not good. Met predicted 50-60 per cent low monsoon," he noted.

"However, the global...