MUMBAI - A benchmark index of the Indian equities markets slipped 2.87 percent from its last weekly close as traders remained uncertain about the sustainability of a rally that has seen some scrip prices appreciate over 100 percent.

The 30-share sensitive index (Sensex) ended 491.89 points, or 2.87 percent lower, at 16,642.66 points at the weekly close Friday, as opposed to the previous week’s close at 17,134.55 points

The broader S&P CNX Nifty of the National Stock Exchange (NSE), too slipped, closing at 4,945.2 points, down 2.71 percent from its last weekly close.

However, companies with large-to-medium market capitalisation managed to stem the losses with the BSE midcap index ending flat. Selling pressure was seen in smaller company scrips as well, with the BSE smallcap index losing 2.84 percent over the last week.

Markets began the week with a downward bias as profit taking across sectors pulled down the Sensex by 268.14 points or 1.56 percent at 16,866.41 points.

The Nifty too ended in the red at 5,003.2 points, down 1.58 percent.

Tuesday saw both benchmark indices making sort of a comeback, with the Sensex shutting shop at 16,958.54 points, up 92.13 points or 0.55 percent and the Nifty moving up 0.48 percent at 5,027.4 points.

After trading in green through most of the day, the Sensex took a sharp dive in the last minutes of trade and ended Wednesday 0.9 percent or 151.88 points down at 16,806.66 points. Nifty followed a similar path to close at 4,985.75 points, down 0.83 percent.

Heavy selling continued Thursday, with blue chip scrips getting beaten the most. The Sensex, which had managed a 191-point high during the day, failed to sustain the gains and closed at 16,843.54 points, up a modest 36.88 points or 0.22 percent. The Nifty too ended flat at 5,002.25 points, up 0.33 percent.

The trend continued Friday with the Sensex losing another 1.19 percent or 200.88 points to end the week at 16,642.66 points, while the Nifty closed at 4,945.2 points, down 1.14 percent.

Data with markets watchdog Securities and Exchange Board of India (SEBI) showed that foreign funds were net buyers during the week, having bought scrips worth $330.3 million.

The top gainers on the Sensex were Hindustan Unilever (up 8.1 percent), Cipla (up 7.6 percent), ITC (up 7.4 percent), Reliance Infra (up 7.2 percent) and Tata Steel (up 4.3 percent).

Among top losers were Bharti Airtel (down 21.1 percent), Grasim (down 10.9 percent), TCS (down 10.8 percent), Maruti Suzuki (down 10.6 percent) and Wipro (down 9.3 percent).