India's benchmark stock indices snapped a four-week rally and recorded their worst fall in over four months on Friday, dragged by shares of Mahindra & Mahindra Ltd. and Reliance Industries Ltd.
Small-cap and mid-cap indices recovered in the last part of Friday's trade but ended with a weekly loss.
The NSE Nifty 50 ended 150.10 points, or 0.68%, lower at 21,996.55, and the S&P BSE Sensex fell 453.85 points, or 0.62%, to close at 72,643.43.
On a weekly basis, Nifty fell 2.09% and Sensex declined 1.99%.
"The Nifty has once again closed below the rising trendline, bringing market sentiment back into a state of weakness," said Rupak De, senior technical analyst, LKP Securities Ltd. "The momentum indicator suggests bearish momentum in the near term."
Cautiousness towards mid and small caps continued to drag market sentiment, dampening the broader market, according to Vinod Nair, head of research at Geojit Financial Services Ltd.
He anticipates continued bargain opportunities in mid- and small-cap stocks, whose valuations are underpinned by strong fundamentals.
Shares of Adani Enterprises Ltd., Bharti Airtel Ltd., Bajaj Finance Ltd., Hindalco Industries Ltd. and HDFC Life Insurance Co. minimised the losses in Nifty.
While, Infosys Ltd., Larsen & Toubro Ltd., Mahindra & Mahindra Ltd., Reliance Industries Ltd. and Tata Motors Ltd. weighed on the index.
Most sectoral indices ended lower this week with Nifty Realty and Nifty Media falling the most. Nifty IT was the only sectoral index that ended higher.
Broader markets ended on a mixed note on BSE, with the S&P BSE Midcap ended 0.51% lower and the S&P BSE Smallcap closed 0.25% higher on Friday.
On BSE, 16 sectors declined, and four advanced. S&P BSE Oil and Gas fell the most among sectoral indices. The S&P BSE Telecommunication rose 1.04% to become the top performer.
Market breadth was skewed in favour of the sellers. Around 2,010 stocks declined, 1,811 rose, and 115 remained unchanged on BSE.
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