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Buildings are reflected on the glass windows of the NSE (National Stock Exchange) building in Mumbai, India, December 27, 2016.Reuters file

Indian markets were back on a selling spree on Friday as bank stocks declined after more lenders disclosed their exposure in the Punjab National Bank's $1.8 billion fraud case.

The Sensex ended down 286.71 points, or 0.84 per cent, at 34010.76 and the Nifty ended down 93.20 points, or 0.88 per cent, at 10452.30.

The Indian rupee also weakened against the U.S. dollar after nation's trade deficit widened to 56-month high due to higher oil and gold imports.

The partially convertible rupee closed at 64.22 on Friday, down 0.35 percent from its previous close of 63.91.

Here's what to watch in the coming days.

PNB probe widens, others lenders in the net

The Securities and Exchange Board of India has started investigating into trading and disclosure related issues in the matter of Punjab National Bank and Gitanjali Gems with regards to $1.8 billion fraud case.

SBI has said it has an exposure of $212 million in respect to letter of undertaking issued by Punjab National Bank to Nirav Modi and other top lenders are also in the fray.

Indian-born diamond jewellery designer Nirav Modi is the founder of the $2.3 billion Firestar Diamond and was ranked #57 in the Forbes list of India's billionaires in 2017.

Walmart looking to buy Flipkart: Report

Walmart Inc is in talks to purchase a stake of more than 40 percent in Indian e-commerce firm Flipkart, a direct challenge to Amazon.com Inc in Asia's third-largest economy, Reuters reported on Friday citing two sources familiar with the matter.

In what would be one of its biggest overseas deals, the U.S. retailer is looking at buying new and existing shares in Flipkart and due diligence is likely to begin as early as next week, the report said.

Federal Reserve minutes of the meeting

Next week, the U.S. Fed releases the minutes from its January meeting at which the central bank opted to leave interest rates unchanged but upgraded its inflation outlook.

So far U.S. economic data has shown a sharp uptick in wages and  a strong consumer price inflation figures, raising speculation that the central bank may raise interest sooner than expected.