Further, diminishing hopes of a rate cut by the Federal Reserve after higher-than-expected US inflation, at 3 percent, in January, and weak industrial output numbers also dampened the mood.

Considering the significant selling pressure, the market initially may try to rebound next week (February 17), but sustainability is key given the ongoing sell-on-rally trend. Overall, it is expected to consolidate with a focus on FOMC and RBI minutes, Ukraine-Russia peace talks, and manufacturing and services PMI flash data.

The Nifty 50 fell 631 points (2.68 percent) to 22,929, the biggest weekly loss since the week of December 16-20, and the BSE Sensex plunged 1,921 points (2.47 percent) to 49,099. The broader markets were also hit badly with the Nifty Midcap 100 and Smallcap 100 indices declining 7.4 percent and 9.4 percent, respectively, amid the risk of further earnings weakness.