Among the Sensex shares, 21 declined and the rest logged gains.
Both key benchmark indices - S&P BSE Sensex and CNX Nifty - ended in the red for a second consecutive week due to persistent selling pressure mainly in power, banking, auto, realty and PSU counters in view of fresh foreign capital outflows.
Interest rate sensitive realty and banking stocks bore the brunt of selling after the Reserve Bank of India left repo rate unchanged at 7.75 per cent, but cut SLR by 0.50 per cent to 21.50 per cent. Markets were expecting the central bank to continue the rate cut cycle after it surprisingly slashed key lending rate (repo) by 0.25% in mid-January.
Poor earnings from some bluechip companies coupled with uncertainty on outcome of the Delhi Assembly polls also affected the market sentiment.
Global market ended mixed after the European Central Bank abruptly pulled back its soft treatment of Greek debt and cancelled its acceptance of the country's bonds in return for funding.
The Sensex lost 465.04 points, or 1.59%, to settle below 29,000 level at 28,717.91. The 30-share index has lost 560.93 points, or 1.92%, in the last two weeks.
The 50-unit CNX Nifty slipped 147.85 points, or 1.68% to end at 8,661.05. The NSE benchmark index has dipped 174.55 points, or 1.98%, in the last two weeks.
The S&P BSE Mid-Cap index fell 247.91 points, or 2.31%, to conclude at 10,490.68, while S&P BSE Small-Cap index plunged 251.92 points, or 2.22%, to settle at 11,077.34.
Among the Sensex shares, 21 declined and the rest logged gains.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 719.75 crore during the week, as per the SEBI's data, including the provisional figure of February 6.
Key Sensex losers were Tata Steel (5.42%), NTPC (2.64%), and Hindustan Unilever (2.36%). However, Hindalco Industries (up 5.40%), Sesa Sterlite (4.39%) and HDFC (1.09%) edged higher from the Sensex pack.
Power equipment major Bharat Heavy Electricals (Bhel) lost 9.46% to Rs 264.20. Tata Power lost 9.44%. On a consolidated basis, the private power utility reported net profit of Rs 197.74 crore in Q3 of FY15 as compared to net loss of Rs 74.91 crore in the same period last fiscal.
Bank stocks also declined. ICICI Bank was down 8.64%, Axis Bank 4.38% and State Bank of India slipped 6.34%.
Among pharma stocks, Cipla lost 5.87% and Dr Reddy's Laboratories dipped 5.59%. However, Sun Pharmaceutical Industries rose 1.38%.
Among auto majors Mahindra & Mahindra dropped 9.01% and Bajaj Auto slipped 6.47%.
Tata Motors dropped 4.31% at Rs 559.75 as the company's consolidated net profit declined 25.5% in Q3 over the same period in last fiscal.
Maruti Suzuki shed 3.96% to end the week at Rs 3,500.75.
Hero MotoCorp fell 3.14% as the company reported 0.4% drop in sales to 5.58 lakh units in January 2015 over January 2014.
However, overcoming the weak trend, IT stocks gained. Wipro rose 5.81%, TCS 3.83% and Infosys was up 4.04%.
Among the S&P BSE sectoral indices, Power fell by 5.40% Bankex 5.20%, Auto 4.67%, Realty 3.59%, PSU 3.02%, Consumer Durable 2.94%, HC 2.85% and CG slipped 2.19%.
The total turnover at BSE and NSE rose to Rs 20,048.20 crore and Rs 1,00,170.58 crore during the week respectively as against the last weekend's level of Rs 15,646.03 crore and Rs 93,969.64 crore.
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