The BSE Sensex appears to be consolidating between 28,000 and 29,000 levels before making any fresh move, brokers said.
ITC, M&M and Sesa Sterlite were among the few gainers in 30-share Sensex. The barometer fell on losses led by TCS, Infosys, Wipro, Sun Pharma, Dr Reddy's and Cipla shares.
Second-line stocks, which have been in the limelight recently, also were hit by profit-booking by retail investors, brokers added.
The BSE 30-share barometer resumed better and improved further to a high of 28,651.75 only to fell back after mid-session. It finally settled at 28,458.10, a fall of 104.72 points or 0.37 percent.
Yesterday, Sensex gained 120.11 points or 0.42 percent.
On a weekly basis, the Sensex has fallen by about 236 points. This is its first weekly drop in seven weeks.
"In absence of any major cues, equity markets traded dull for most part of the session on Friday but profit taking in the last hour pushed indices in red," said Jayant Manglik, President-retail distribution, Religare Securities.
The broad-based 50-issue CNX Nifty of the NSE also dipped by 26.10 points, or 0.30 per cent, to end at 8,538.30.
Meanwhile, manufacturing and services sectors in India expanded at a faster pace than China in November, even as emerging market output slipped for the second consecutive month to a six-month low, a HSBC survey said on Friday.
Foreign Portfolio Investors (FPIs) picked up shares worth Rs 474 crore yesterday as per provisional data.