Midcap and smallcap stocks declined on profit taking. The BSE Midcap index ended down 1.4% and the Smallcap index eased by about 1.9%.

FMCG major ITC ended 4.3% up. Hindustan Unilever gained 2.8%. Hindustan Unilever reported a 6.19% rise in net profit to Rs 1183 crore in the quarter ended March 2017, over the year-ago quarter. Total income increased 6.39% to 8969 crore in the fourth quarter.

Among automobile stocks, Tata Motors gained nearly 3%. Maruti Suzuki ended nearly 1% up. Maruti announced the launch of its new Dzire sedan on 16 May 2017. The petrol variant of the vehicle is priced between Rs 5.45 lakhs to Rs 8.41 lakhs and diesel variant between Rs 6.45 lakhs to Rs 9.41 lakhs ex-showroom Delhi.

Hero Motocorp ended 0.7% up. Bajaj Auto declined by about 0.7% after reporting a 13.4% drop in net profit.Mahindra & Mahindra ended 2.3% down. Eicher Motors, Ashok Leyland, TVS Motor had some good spells in positive territory but failed to sustain gains.

Metal stocks saw some brisk buying last week. Tata Steel gained more than 12% on good results. The steelmaker reported consolidated net loss of Rs 1168.02 crore for the quarter ended March 2017, much lower than a net loss of Rs 3041.88 crore it had recorded in the corresponding quarter last financial year. The company's consolidated net sales rose 29.6% to Rs 33,424.09 crore in the fourth quarter, over the year-ago quarter.

Pharma stocks turned in a mixed performance. Lupin ended nearly 5% up with the launch of Cialis (tadalafil), an oral PDE5 inhibitor, used in the treatment of erectile dysfunction (ED) in adult males, triggering some strong buying at the counter. Dr Reddy's Laboratories gained 2.8%.

Among IT majors, Infosys declined by about 0.6%. Wipro gained 2.1%, while Tata Consultancy Services gained 6.25%. HCL Technologies, Oracle Financial Services and Tech Mahindra were a bit sluggish.

Reliance Industries ended 2.3% down. Adani Ports, ONGC and GAIL India also declined by more than 2%. Bharti Airtel gained about 2.1%.

Among the stocks in the banking space, State Bank of India gained 3.7% on strong results. The bank reported a sharp 122.72% jump in net profit  to Rs 2814.82 crore in the quarter ended March 2017, over year-ago quarter. Total income was up 7.83% in the fourth quarter. The bank's Gross non-performing assets stood at Rs 1,12,342.99 crore as on 31 March 2017 as against Rs 1,08,172.32 crore as on 30 December 2016 and Rs 98,172.80 crore as on 31 March 2016. The ratio of gross NPAs to gross advances stood at 6.9% as on 31 March 2017 as against 7.23% as on 31 December 2016 and 6.5% as on 31 March 2016. The ratio of net NPAs to net advances stood at 3.71% as on 31 March 2017 as against 4.24% as on 31 December 2016 and 3.81% as on 31 March 2016.

ICICI Bank gained 3.5% and HDFC Bank ended modestly higher, while Axis Bank edged down marginally.

On Thursday (May 18), the Goods and Services Tax Council backed the 1 July 2017 deadline for rolling out the unified indirect tax that will help create a single national market, and ensured that items of mass consumption bear the least tax burden. On that day, the GST Council finalised rates for around 1150 items of the total of 1211. The council discussed and finalised rates for remaining goods and all services on Friday. It exempted healthcare and education from GST.

The GST Council had finalised a four-tier rate structure of 5%, 12%, 18% and 28%, with an additional levy or cess on demerit goods, which will fall under the highest tax slab.

Items such as cereals, taxed at 5% earlier, will now be zero-rated. Coffee, sugar, tea and edible oil will attract a lower GST rate of 5%. Capital goods will be taxed at 28%, while several daily-use items such as hair oil, toothpaste and soap have been kept in the 18% slab instead of at 28%.

Cars will be taxed at 28%. According to reports, a 1%, 3% or 15% cess is likely to be levied based on current tax incidence. Motorcycles above 350cc engine capacity will face a cess of 3%.

Last week, the weather office said that India's monsoon rains are expected to arrive on the southern Kerala coast on 30 May 2017, two days ahead of schedule. Monsoon rainfall is expected to be higher than previously forecast as concern over the El Nino weather condition has eased, the IMD said.

On the economic front, data released by the government after trading hours on 12 May 2017 showed India's wholesale price inflation to have increased 3.9% in April, lower than the 5.3% rise in March. The new IIP series recorded a higher-than-expected growth of 2.7% in March compared to 1.9% in February.

The base year for WPI and IIP was revised to 2011-12. Consumer Price Inflation slipped to a record low of 2.99% in April. In March, it had come in at 3.89%. With headline retail inflation staying well below the Reserve Bank of India's medium term target of 4%, the market now expects the central bank to reduce interest rates in its next monetary policy review meeting on 7 June 2017.