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BENGALURU  - Indian shares ended lower on Friday, slipping from record levels hit in the previous session on weakness in bank and metals stocks, while investors eyed heavyweight Reliance Industries' quarterly results.

The blue-chip NSE Nifty 50 index fell 1.5% to 14,371.90 and the benchmark S&P BSE Sensex fell 1.5% to 48,878.54. The Nifty index saw its first weekly drop in four, while the Sensex posted its first weekly drop in twelve.

"There is some market fatigue that is creeping in after a massive rally. Even though foreign investors remain net buyers in the market their numbers have come down sharply," said Siddharth Khemka, head of retail research at Motilal Oswal Financial Services.

"Even global cues have weakened as big events (like stimulus announcement and government change in the U.S.) the markets were factoring as positive have started playing out and people will start to book (profits)," he said.

Global shares slipped from record highs on Friday as investors took profits after a recent rally driven by hopes of U.S. economic stimulus by newly inaugurated President Joe Biden.

The Nifty bank index fell 3.2%, while the metals index dropped 3.9%. The bank index saw its first weekly drop in four, while the metals index has shed most gains since the beginning of the month.

The Nifty auto index was the top index gainer, rising 1.4%, with Bajaj Auto surging 10.4% after strong quarterly results.

Reliance Industries fell 2.37% ahead of its December quarter earnings. The stock had gained more than 8% this week as of Thursday.

Shares of biopharmaceutical firm Biocon Ltd fell about 11% after a drop in quarterly profits, while those of tyre maker JK Tyre rose 17.6% after quarterly profit surged by 20 times.