The Sensex ended 57 points lower at 29,365 while Nifty slipped 17 points to settle at 9,119.
The benchmark Sensex ended 0.19 percent lower at 29,365.30, down 0.33 percent for the week.
The BSE 30-share barometer surged 161.95 points, or 0.55%, to 29,584.34.
However, broader markets continued their upward trend and ended in the positive zone. However, European markets remained edgy.
"But they reversed most of the early gains as traders started winding up long open positions ahead of the derivative expiry next Thursday and crucial French Elections on Sunday", Singhania asserted.
Sentiments also got a boost after Bank of Japan said it will keep accommodative policy in place. The gauge had gained 103.29 points in the previous two sessions.
"Volatile USD/INR futures brought volatility in Indian equity market as well and restricted upside", Desai said.
European stocks were mixed in early trade as French election uncertainty prevailed and data showed United Kingdom retail sales posted their biggest quarterly fall in seven years during the first three months of 2017, a worrying sign for the economy amid rising prices since last year's Brexit vote.
In terms of investments, provisional data with the exchanges showed that the foreign institutional investors (FIIs) sold scrip worth Rs 978.34 crore, while the domestic institutional investors (DIIs) purchased stocks worth Rs 1,132.39 crore.
"Both the indices failed to sustain at higher levels and now traded with volatile sentiments". In the broader market, the S&P BSE Midcap index and the S&P BSE Smallcap index added 0.5% each.
In contrast, the realty index rose by 44.44 points, the capital goods index was up by 42.20 points, and the energy index edged higher by 26.41 points.
Sun Pharma emerged as the top loser in the Sensex pack by plunging 2.41 percent to Rs 640.05, followed by Cipla (1.84 percent).
Other laggards were ITC (1.81 per cent), Adani Ports (1.72 per cent), Power Grid (1.44 per cent), Wipro (1.36 per cent), ICICI Bank (1.34 per cent), Lupin (1.31 per cent), M&M (1.28 per cent), Coal India (1.12 per cent), Maruti Suzuki (1.10 per cent), HUL (1.08 per cent) and SBI (0.97 per cent).
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