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Sensex closed the week's last session at 59,330.90 points, down 874.16 points or 1.45 per cent, whereas Nifty closed at 17,604.35 points, down 287.60 points or 1.61 per cent
BSE Sensex dropped below 59,800 level as it declined 479 points to 59,637.06 while NSE's Nifty 50 fell 141 points to 17,750.60 in morning trade on Friday.
Banking and financial stocks were the top losers, with Nifty bank, Nifty financial services, Nifty PSU bank, and Nifty private bank declining the most. They declined in the range of 2.1-3.6 per cent.
Indian stock markets opened near the flatline on Friday - the last trading session of the week. At the time of writing this report, Sensex and Nifty were largely steady.
The subdued market sentiment is due to the possibility of slowing global economic growth this year and the latest pulling out of funds by foreign portfolio investors (FPIs) from Indian stocks.
Foreign portfolio investors have sold assets worth about Rs 17,237 crore in Indian stock markets so far in 2023, the latest data from National Securities Depository showed.