BSE benchmark Sensex slipped by 65 points on profit-booking over concerns about corporate earnings growth in view of high oil prices and inflation, along with disappointing fourth quarter results by IT major Infosys Technologies.
India's second largest software exporter, Infosys, which reported 2.13 per cent growth in Q4 consolidated net profit as per International Financial Reporting Standards, was top loser in the 30-share pack, shedding 7.38 per cent from its previous close.
Rise in the headline inflation to 8.98 per cent in March, from 8.31 per cent in the preceding month, also negatively impacted market sentiments, a broker said.
Further, a surge in crude oil prices over the past few months has sparked inflation and interest rate worries.
The stock market was closed on Tuesday and Thursday for public holidays.
The Sensex snapped the modest gains of last week and dropped 64.63 points, or 0.33 per cent, to 19,386.82 level this Friday.
The S&P CNX Nifty also fell by 17.45 points, or 0.30 per cent, to 5,824.55 level.
Concerns over corporate earnings growth and macroeconomic worries arising from high crude oil prices also weighed on the domestic bourses.
India's top real estate company DLF was the second biggest loser in Sensex pack. The stock declined by 5.55 per cent to Rs 245.05 a piece.
Steelmaker Jindal Steel & Power was the third biggest Sensex loser and declined by 3.84 per cent. Other losers were Wipro (3.41 per cent), Reliance Comm (1.78 per cent), Sterlite Industries (1.75 per cent), Tata Motors (1.59 per cent) and ONGC (0.87 per cent).
However, India's largest bike maker by sales, Hero Honda Motors jumped by 10.06 per cent to Rs 1830.85 a share.
Infrastructure developer Jaiprakash Associates also flared up by 4.87 per cent, while India's largest cigarette maker by sales, ITC moved up by 3.96 per cent to Rs 191.40 on expectation of good results for the quarter ended March 31.
Bharti Airtel rose 2.79 per cent to Rs 372.15 on reports that India's largest listed telecom operator by sales had reached 2 million customers on its third-generation, or 3G mobile network.
Among the major sectoral indices, the BSE-IT fell sharply by 4.57 per cent followed by BSE-Tech (3.09 per cent) and the BSE-Realty (2.19 per cent).
However, the BSE-FMCG rose by 2.10 per cent and the BSE-CG gained 1.73 per cent.
The total turnover at BSE and NSE fell to Rs 9,743.05 crore and Rs 37,966.50 crore, respectively, as compared to the previous week's level of Rs 17,812.38 crore and Rs 64,809.64 crore.