BSE Sensex sheds 386 points, ends in red for weekend
The BSE Midcap and Smallcap indices ended 1.08 percent and 1.06 percent lower, respectively.
The market breadth of BSE was overall negative with 1,773 shares declining as against 930 shares advancing.
The broader 50-share S&P CNX Nifty of the National Stock Exchange (NSE) also fell, Friday, 1.56 percent to 5,110.75, to be down 3.6 percent on the week, after touching the day's low of 5,092.80 and a high of 5,184.00 points.
According to market analysts, rising inflation rate, which saw a six-month high of 4.35 percent for the week ended February 9, have dampened the sentiments of investors.
The analysts said that the Indian markets are waiting for overseas cues that do not seem to be positive, and so are unable to make a directional call.
"We seem to be completely dependent on what's happening elsewhere. India's growth story seems to be a thing of the past. Investors are behaving as if recession has come to India," said Arun Kejriwal, strategist at research firm KRIS.
"The way the market is falling just on overseas cues gives you a very eerie feeling going forward. One thing that comes out of all this is very clear: worse is yet to come," he added.
"Our market movement is right now dependent on prevalent global phenomenon and there has been net selling by foreign funds as well," said R.K. Gupta, chief executive at Taurus Mutual Fund.
"I expect the market to remain volatile for the next few weeks and will continue to show a negative trend," he said.
Brokerage firm India Infoline said investors should not build aggressive long positions ahead of next week's budget, as the market lacked clear direction due to volatile global markets.
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