BSE Sensex and NSE Nifty 50 ended more than 1 per cent down each on Friday, as growth concerns weighed on investor sentiment.
Indian shares ended lower on Friday, with the benchmark Nifty 50 index snapping an eight-session winning streak, as investors locked in profits after the sharp rally.
The NSE Nifty 50 index closed down 1.1 per cent at 17,758.45, recording its biggest percentage fall in nearly two months.
The S&P BSE Sensex dropped 1.08 per cent to 59,646.15 in its first fall in six sessions. The decline marked the index's biggest percentage loss since June 22.
Still, both indexes notched up their fifth week of gains, with the Nifty 50 adding 0.34 per cent and the Sensex 0.3 per cent for the week.
Bank stocks led the fall, with the Nifty PSU bank index closing down 2.7 per cent. Canara Bank and Bank of Baroda were the top losers on the index.
IndusInd Bank and Bajaj Finserv were the top losers on the Nifty 50 index, down 3.8 per cent and 3 per cent, respectively.
Auto and consumer stocks, the major drivers of the recent rally, also declined on Friday. Tata Motors ended 2.9 per cent lower, while Hindustan Unilever fell 1.8 per cent.
The Nifty Auto index closed down 1.4 per cent, having risen 4.7 per cent so far this month.
Shares of oil-to-telecoms conglomerate Reliance Industries Ltd fell 1.8 per cent following an overnight announcement on government raising tax on fuel exports after cutting them a little over two weeks ago, and slashing a windfall tax on locally produced crude oil.
Bucking the trend, IT stocks gained, with the Nifty IT index ending up 0.06 per cent after having risen as much as 1.5 per cent earlier in the session.