A string of negative factors weighed heavily on market as both benchmark indices, S&P Sensex and CNX Nifty, came off their nearly 30-month highs and tumbled 2.9 per cent and 3.3 per cent respectively during the week under review, snapping a five-week rally.
Profit booking at higher levels, mainly impacted by dismal earnings data from some of the frontline companies, and weak global cues also put pressure on the market.
The comments from Federal Reserve Chairman on possible scale down in US monetary stimulus programme sent jitters across the global stock markets, including India, on Thursday.
Weak manufacturing data from China, world's second-largest economy, also aided the fall in domestic shares.
The slump was also attributed to the drop in Q4 earnings of top corpoates like L&T and State Bank of India.
The week saw across-the-board hectic selling mainly in realty, capital goods, power, refinery, PSUs, pharma and banking sectors.
Selling was so strong and widespread that 12 of the 13 sectoral indices ended in the red, losing between 11.54 per cent and 0.34 per cent. Only BSE-IT index ended with gains.
On first day of the week, the Bombay Stock Exchange 30- share benchmark index touched a high of 20,443.62. But it later started losing ground and declined to a low of 19,568.49 before settling the week at 19,704.33, posting a net fall of 581.79, or 2.87 per cent.
In one of the biggest gaining string of the current calendar year, the Sensex, in the last five weeks, had zoomed by a whopping 2,043.56 points, or 11.20 per cent.
The broad-based 50-issue CNX Nifty of the NSE tanked by 203.75 points, or 3.29 per cent, to close the week at 5,983.55. .
Foreign Institutional Investors (FIIs) remained net buyers during the week and they pumped in Rs 5,328.34 crore, including provisional data of May 24.
Looking at the forthcoming expiry of derivatives contract on May 30 next week, the market will remain in volatile mode as per analysts.
Twenty four scrips out of the 30-share Sensex pack ended higher, while other finished with losses. SBI was the top loser from the sensex pack with a fall of 11.27 per cent (pc), followed by L&T 10.23 pc, Bharti Airtel 5.19 pc, BHEL 4.22 pc, Cipla 3.86 pc, Gail India 4.46 pc, HDFC Bank 2.37 pc, Hero MotoCorp 3.03 pc, Hindalco 2.76 pc, ICICI Bank 2.00 pc, ITC 1.40 pc, Jindal Steel 5.58 pc, Maruti Suzuki 2.46 pc, M&M 1.84 pc, ONGC 4.42 pc, RIL 5.57 pc, Tata Motors 4.99 pc, Sterlite Ind 3.23 pc, Tata Power 2.66 pc and Wipro 2.13 pc.
However, Coal India, HDFC, HUL, Sun Pharma, Tata Steel and TCS closed with marked to moderate gains.
Among sectoral indices, the S&P BSE-Realty tumbled by 11.54 pc, S&P BSE-CG by 8.00 pc, S&P BSE- Power by 5.28 pc, S&P BSE-Oil&Gas by 5.12 pc, S&P BSE-PSU by 4.75 pc, S&P BSE-HC by 4.74 pc and S&P BSE Bankex by 4.09 pc.
Second-line counters under performed the Sensex on selling by retail investors as the S&P BSE-Midcap and S&P BSE-Smallcap indices finished down by 3.43 pc and 3.33 pc, respectively.
The total turnover at BSE and NSE during the week was slightly better at Rs 11,929.53 crore and Rs 56,071.66 crore from last weekend's turnover of Rs 10,647.57 crore and Rs 55,133.94 crore, respectively.