Benchmark indices ended lower on Friday after scaling record highs as investors booked profits at higher levels. After moving in a range of 866 points during the day, Sensex closed 125.27 points lower at 59,015 and Nifty slipped 44.35 points to 17,585.
While Sensex touched lifetime high of 59,737, Nifty reached new peak of 17,792 during the day.
Kotak Bank was the top Sensex gainer, rising 5.26 per cent, followed by Bharti Airtel, HDFC Bank, Maruti, Axis Bank and Nestle India.
Tata Steel, SBI, TCS and Reliance Industries were among the top Sensex losers, falling up to 3.57%.
Of 30 Sensex stocks, 17 ended in the red.
Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities said, "Technically, Nifty maintained uptrend continuation formation which is broadly positive but due to temporary overbought situation, bulls may prefer to take a cautious stance near the 17,800 resistance level. For Nifty, 17,700 would be the immediate resistance level traders will have to look at, and below the same, the correction wave is likely to continue up to 17,450-17,350 levels. If the index trades above 17,700, the uptrend texture will continue up to 17,800-17,950 levels. Contra traders can take a long bet near 17,350 with a strict 17,300 support stop loss."
Market capitalisation of BSE-listed firms fell to Rs 258.96 lakh crore against a record high of Rs 260.80 lakh crore in the previous session.
BSE mid cap and small cap indices slipped 290 points and 299 points, respectively.
On a sectoral basis, banking shares led the gains with BSE bankex ending 299 points higher at 43,262. Bank Nifty too closed 143 points higher at 37,811.
Banking stocks rose after finance minister Nirmala Sitharaman announced formation of a bad bank for transfer of NPAs from public sector banks.
Powering today's rally, BSE bankex rose 568 points to intra day high of 43,530 in early trade.
Share of PSU banking major State Bank of India (SBI) rose 1.72% to all-time high of Rs 471.85 on BSE.
IT, metal and pharma shares were among the top sectoral losers today, with their indices ending 240 points, 523 points and 293 points lower on BSE.
Market breadth was negative with 1,231 shares ending higher against 2,065 shares closing in the red. 146 shares were unchanged.
Meanwhile, rupee closed 4 paise higher at 73.48 against the US dollar on Friday, tracking the broad weakness of the American currency in the overseas market.
At the interbank forex market, rupee opened flat at 73.49 against the dollar. During the session, the domestic unit witnessed an intra-day high of 73.42 and a low of 73.55. In the previous session, the rupee had settled at 73.52 against the US dollar.
Tokyo's Nikkei 225 index added 0.6% to 30,489.12. The Hang Seng in Hong Kong rebounded from losses earlier in the week to gain 0.5%, at 24,789.77. The Kospi in Seoul edged 0.2% higher to 3,135.38.
The Shanghai Composite index lost 0.6% to 3,585.71, while the S&P/ASX 200 in Sydney declined 0.6% to 7,415.50.
On Thursday, S&P 500 and Dow Jones Industrial Average each lost about 0.2%, while Nasdaq managed log a gain of 0.1%.
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