The BSE Sensex fell more than 1 percent in early trade on Friday, led by losses in Housing Development Finance Corp and energy major Reliance Industries, as prospect of a global recession hit world markets.

At 9:16 a.m. (0346 GMT), the main 30-share BSE index was down 1.02 percent at 16,197.02, with all but four of its components declining.

The 50-share NSE index fell 0.95 percent to 4,876.70.