The equity markets turned bearish during the week on growing concerns over the country`s widening fiscal deficit as well as rising crude oil prices and persistant selling by foreign institutional investors (FIIs).

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According to market observers, upbeat gross domestic product (GDP) growth data for the second quarter of 2017-18 failed to cheer the equity markets as investors remained cautious ahead of major events in the upcoming week.

The barometer 30-scrip Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) dropped 846.3 points, or 2.51 per cent, to close the week at 32,832.94 points.

The broader Nifty50 of the National Stock Exchange (NSE) declined by 267.9 points, or 2.58 per cent, to close at 10,121.80 points.

"Markets ended sharply lower this week after consolidating in a range for major part of the week. Selling emerged in the last two sessions of the week," Deepak Jasani, Head - Retail Research, HDFC Securities, told IANS.

D.K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors, said the domestic market got spooked by fiscal deficit readings ahead of expiry of November contracts.

"To note, India`s fiscal deficit at the end of October hit 96.1 per cent of the budget estimate for the fiscal year ending in March 2018," Aggarwal told IANS.

"In the week gone by, the Dow industrials pushed past the 24,000 mark for the first time on the back of tax-reform optimism amid the latest batch of economic data pointing to a pickup in global and domestic demand. In a recent meeting, OPEC (Organisation of the Petroleum Exporting Countries) members agreed to extend curbs on output to the end of next year," he added.

Provisional figures from the stock exchanges showed that domestic institutional investors bought scrips worth Rs 1,614.89 crore.

FIIs continued to remain net sellers and sold stocks worth Rs 2,772.56 crore during the week.

"Widening fiscal deficit and rising crude oil prices concerns continued to hurt sentiment. Investors turned cautious ahead of major events in the month ahead -- the Reserve Bank of India policy, Federal Open Market Committee meet and Gujarat assembly elections," said Arpit Jain, AVP at Arihant Capital Markets.

Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) invested in equities worth Rs 3,273.34 crore, or $506.06 million, from November 27-30.

On the currency front, the rupee strengthened by 23 paise to close at 64.47 against the US dollar from its last week`s close at 64.70.

The currency market was closed on December 1 on the occasion of Id-e-Milad.

The top weekly Sensex gainers were: Maruti Suzuki (up 1.41 per cent at Rs 8,607.55); Coal India (up 0.42 per cent at Rs 272.25); and NTPC (up 0.42 per cent at Rs 181.15).

The losers were: Tata Motors (down 6.07 per cent at Rs 399.15); State Bank of India (down 5.93 per cent at Rs 312.55); Infosys (down 5.09 per cent at Rs 958.50); Tata Motors (DVR) (down 4.92 per cent at Rs 228.85); and Adani Ports (down 4.46 per cent at Rs 386.90).