After a consolidation, equity benchmarks ended the Friday's session on a flat note but lost 2 percent during the week.
The broader markets outperformed on the back of positive breadth, banks and infra stocks gained while IT and select auto & oil stocks were down. The 30-share BSE Sensex fell 11.58 points to 24673.84 while the 50-share NSE Nifty ended above 7550 level, rising 8.75 points to 7555.20.
The BSE Midcap and Smallcap indices rose 0.6 percent each as about 1478 shares advanced against 1046 declining shares.
Experts say they expect consolidation and profit booking in near term but 8000 level is likely on Nifty in medium term.
Even as the global economy faces concerns over slowing growth, India is an economy that continues to stand out both for its external environment as well as its intrinsic strength.
This has led Mihir Doshi of Credit Suisse, to exhort global investors to "keep the faith" in the country and its equities. Aberdeen's Asia Investment Manager Adrian Lim said that even as the near term trend remained difficult to call, the fund was positive on both emerging markets and India .
For the week, the Sensex lost 2.4 percent and Nifty shed 2 percent while broader markets ended flat. Bank Nifty plunged 3.4 percent as the Reserve Bank of India cut repo rate only by 25 basis points, which was on expected lines. Profit booking could also be the reason as benchmarks rallied 10 percent in March, driven by FII inflows.
Globally, European markets were trading higher with the Britain's FTSE, France's CAC and Germany's DAX rising more than 0.6 percent following rally in oil prices. Front month US West Texas Intermediate (WTI) crude futures were trading up 3.8 percent at USD 38.66 per barrel and at international Brent futures were up 3.47 percent at USD 40.80 a barrel.