During the week, the International Monetary Fund (IMF) slashed its growth projections for the Indian economy for current and the next year.

The economy is set to grow 7.0 per cent in 2019 and 7.2 per cent in 2020, the IMF said, which meant a downward revision of 0.3 percentage points for both years.

According to analysts, the government's decision of higher taxes on the super rich announced in the Budget and mixed corporate earnings affected investors' sentiment.

"Though markets ended with the third consecutive week-on-week loss on July 26, the rate of fall has reduced over the last three sessions and in fact the markets ended in the positive on last Friday," news agency Indo-Asian News Service quoted Deepak Jasani, head of retail research at HDFC Securities, as saying.

During the week, heavyweights such as Kotak Mahindra Bank, Hindustan Unilever, Larsen & Toubro, Asian Paints, Bajaj Finance, Tata Motors, Bajaj Auto and Maruti Suzuki India reported their results for the first quarter of the current financial year.

Foreign portfolio investors (FPI) pulled out a net $967.04 million (Rs 6,670.47 crore) out of the equities during the week, data from depository NSDL showed. They had withdrawn $401.28 million (Rs 2,758.35 crore) on a net basis the previous week.

Analysts expect the markets to clock some recovery in the coming week but also warn that some volatility cannot be ruled out.

"This positive momentum could continue early next week with US Fed meet outcome (on July 31) and corporate results impacting further momentum in the markets," Mr Jesani added.

The rupee depreciated by by 9 paise against the US dollar for the week to settle at 68.89 on Friday, amid a rise in international crude oil prices and a strengthening dollar.