Equity benchmark indices Sensex and Nifty closed with heavy losses on 14 June, making it the worst week for the equity benchmarks since 13 May.
30-share BSE Sensex lost 289.29 points to close at 39,452.07 while the broader 50-share NSE Nifty finished at 11,823.30, down 90.75 points.
The broader market index represented by the NSE Nifty 500 Index closed 0.81 percent higher during the period.
Among sectors, the Nifty FMCG and Nifty Auto sub-indices lost the most, going down by almost 1.50 percent each.
Nine out of 11 sectoral gauges compiled by BSE fared lower as NSE Nifty Realty Index fell by 0.63 percent. On the flipside, the NSE Nifty Financial Service Index was the top sectoral gainer, up 0.5 percent.
The slumping of markets by nearly 0.7% comes after India imposed tariffs on 29 US products. Analysts expect the move by India may increase trade tensions.
Meanwhile, amid rising crude oil prices following attacks on two oil tankers in the Gulf of Oman on Thursday, the market mood has been negative getting weak cues from global markets.
Also, there is continued uncertainty over trade talks between the US and China.
Meanwhile, the Rupee opened on a weak note and declined by 11 paise to 69.61 against the US dollar when markerts opened Friday, as rising crude oil price concerns troubled the investors.