Nifty opened in the green and moved between gains and losses before giving into selling pressure in the noon trades.
Nifty slipped below the 5740 level and touched a low of 5,706 for a brief period.
Buying emerged at lower levels in the last half an hour of trade which helped the Nifty close above the 200 Daily Moving Average (5740 mark).
The S&P CNX Nifty finally ended at 5750, down 36 points and the Sensex declined 156 points, at 19,134.
Markets ended lower for the fifth consecutive session and were down 2.4% for the week.
Indian markets have also underperformed Asian peers in the past week which posted gains due to weakness in the Dollar Index.
Shshank Mehta, Derivatives Strategist from Nirmal Bang said, "Call writers very were active at 5800 call which will be the next immediate resistance for Nifty."
Rajesh Iyer, Head Products & Research, Kotak Wealth Management said, "Indian markets have shown a mild correction this week on account of the F&O expiry.
In the near future Nifty should trade in a range, between 5500-6000. Volatility will continue because of the result season and fluctuating crude prices.
Forthcoming RBI policy could have an impact on Indian equities if RBI raises repo rate by 50 bps."
Asian markets also ended on a mixed note over tightening concerns from Beijing.
The Hang Seng finished down 0.4% at 23,721, bringing its weekly loss to 1.7%. China's main stock index snapped a five-day losing streak, ekeing out a 0.9% gain to close at 2,912.
The Nikkei, Japan's benchmark index ended at 9,850 up 1.7%.
Back in India, Bank Nifty recovered from day's low, the index touched a low of 11,406 as investors sold shares on corporate earnings concerns and expectations of 25-50