The benchmark BSE Sensex was hit by a sudden spike in crude oil prices despite the country reporting positive macro economic indicators during the week.
The week saw the markets registering couple of record-highs boosted by the government's business-friendly economic agenda as well as optimism over important macro data of industrial production (IIP) and retail inflation amid increased buying by foreign funds (FIIs).
Barring IT, healthcare and tech which attracted good buying interest, other sectoral indices witnessed selling with realty, PSU, oil & gas, metal, power and banking witnessing the downslide.
The BSE-Midcap and BSE-Smallcap indices also closed down by 1.79-1.02 per cent.
The Sensex logged all-time intra-day high of 25,725.12 during the week and a low of 25,171.61 before concluding the week at 25,228.17, showing a weekly fall of 0.66 per cent or 168.29 points.
Similarly, the 50-issue CNX Nifty of the NSE also zoomed to a new intra-day peak of 7,700.05 before ending at 7,542.10, a loss of 41.30 points or 0.54 per cent.
The escalating violence in Iraq also triggered a sell-off on last day of the week.
Meanwhile, exports grew to a six-month high of 12.40 per cent in May this year against the same period last year while imports contracted 11.41 per cent in May.
Trade deficit declined by 42.01 per cent in May against the same month of 2013-14.
The growth in IIP for April 2014 stood at 3.4 per cent against negative 0.5 per cent in March 2014. Improvement in IIP data and recent pick-up in exports suggests early signs of improvement in economy.
The retail inflation for May 2014 declined to 8.28 per cent against 8.59 per cent in April 2014, inching closer to RBI's target of 8 per cent by January 2015.
Foreign institutional investors (FIIs) bought shares worth Rs 4,897.57 crore during the week, as per SEBI's data, including the provisional figure of June 13.
20 scrips out of the 30-share Sensex pack ended lower while others finished higher.
Major losers were BHEL (9.50 per cent), ONGC (8.95 per cent), Axis Bank (7.85 per cent), NTPC (7.22 per cent), Tata Power (6.50 per cent), Bharti Airtel (6.41 per cent), Tata Steel (6.16 per cent), SSLT (5.55 per cent), SBI (4.60 per cent), Hindalco (4.03 per cent), Icici Bank (3.52 per cent), Hero Motocorp (3.50 per cent) and RIL (3.38 per cent).
On the other hand, TCS rose 6.27 per cent, followed by Infosys (6.06 per cent), Bajaj Auto (5.94 per cent), Sun Pharma (4.76 per cent), Cipla (4.69 per cent), Wipro (4.21 per cent), Dr Reddy's Lab (4.13 per cent), HDFC (4.11 per cent) and HDFC Bank (2.53 per cent).
Among the S&P BSE sectoral indices, Realty dropped 6.26 per cent, followed by Oil & Gas (5.22 per cent), Metal (4.60 per cent), Power (4.54 per cent) and Bankex (2.69 per cent) while IT rose 5.89 per cent, HC (4.13 per cent) and Teck (3.59 per cent).
Total market turnover on the BSE and the NSE rose to Rs 23,388.26 crore and Rs 1,15,538.14 crore, respectively from the last weekend's level of Rs 22,255.15 crore and Rs 1,12,965.06 crore, respectively.