Bengaluru, Aug. 3 -- Indian equity benchmarks closed Friday's session with sharp losses, as both the Sensex and Nifty fell by 1 percent each. The Sensex declined by 586 points to end at 80,600, while the Nifty dropped 203 points to close at 24,565. This marked the fifth consecutive week of losses for the broader market, its longest losing streak in nearly two years.

Over 35 stocks from the Nifty 50 index ended the week lower, with Adani Enterprises, Kotak Mahindra Bank, Wipro, Tata Motors, and Tata Steel being the major laggards. On the other hand, Hindustan Unilever, Jio Financial, Larsen & Toubro, Asian Paints, Trent, and Hero MotoCorp managed to post gains during the week.

The downward pressure was largely attributed to weak global c...