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The benchmark BSE index posted its worst week since early May on Friday, as investors stayed on the sidelines ahead a speech by US Federal Reserve Chair Janet Yellen in Jackson Hole, Wyoming later in the day.
The BSE index ended down 53.66 points or 0.19 per cent at 27,782.25, posting a fall of 1 per cent for the week, its worst weekly performance since the week ended on May 6.
The broader NSE index closed 19.65 points or 0.23 per cent lower at 8,572.55 and was down 0.86 per cent for the week, its biggest weekly loss since the week ended on June 24.
Among BSE sectoral indices, IT index fell the most by 1.25 per cent, capital goods 1.24 per cent, realty 1.15 per cent and TECk 0.98 per cent. On the other hand, consumer durables index was up 1.46 per cent, oil & gas 0.7 per cent and auto 0.62 per cent.
Top five Sensex gainers were Tata Motors (+2.01%), GAIL (+1.61%), Asian Paints (+1.51%), Reliance (+1.44%) and Cipla (+0.88%), while the major losers were Wipro (-3.00%), L&T (-2.02%), Adani Ports (-1.75%), Infosys (-1.52%) and State Bank of India (-1.34%).
Among gainers, Biocon Ltd rose as much as 5.1 per cent to a record high after the European Medicines Agency had on Thursday accepted the company and US drugmaker Mylan's regulatory submission for proposed breast cancer drug
But Welspun India Ltd fell 3.5 per cent, extending declines for a fifth straight session as the fallout from Target Corp's decision to terminate business with the firm for passing off cheap sheets as premium Egyptian cotton escalated.
Gammon Infrastructure Projects Ltd declined 3.8 per cent after the company had on Thursday posted a marginal drop in June-quarter profit. The stock had gained 12.8 per cent this week as of Thursday's close.
Yellen's speech
Investors are wary Yellen will hint at a near-term interest rate hike, which could divert some of the massive liquidity that has underpinned emerging markets, after hawkish comments from a slew of other Fed officials recently.
“Market is not expecting any immediate rate hike by the Fed but any indication of future rate hike will be key. Having said that, I think India still remains a preferred market versus emerging economies,” said Daljeet Kohli, director and head of research at IndiaNivesh Securities.
The dollar edged down and global shares slipped to a two-week low on Friday as investors turned cautious before a keynote speech by Federal Reserve Chair Janet Yellen that could map out a clearer path for US interest rates.
The MSCI All-Country World index was down 0.1 per cent by 0817 GMT, after slipping to its lowest level since August 9, while the pan-European STOXX 600 fell 0.2 per cent.
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