Profit booking in select pockets like PSU banking, auto and financial services after sharp up move was the reason for Friday's subdued trading session, analysts said.
The Indian equity benchmarks ended lower for second straight session on Friday dragged down by losses in index heavyweights like Reliance Industries, State Bank of India, HDFC, Kotak Mahindra Bank, ICICI Bank and Mahindra & Mahindra. For most part of the day, Sensex and Nifty moved in a narrow band. Sensex moved in the range of nearly 500 points and Nifty 50 index touched an intraday high of 17,618 and low of 17,462.
The Sensex declined 143 points or 0.24 per cent to close at 58,645 and Nifty 50 index fell 44 points to settle at 17,516.
Profit booking in select pockets like PSU banking, auto and financial services after sharp up move was the reason for Friday's subdued trading session, analysts said.
Twelve of 15 sector gauges compiled by the National Stock Exchange ended lower led by the Nifty Realty index's nearly 3 per cent fall. Nifty PSU Bank, Media and Auto indices also fell over 1 per cent each.
On the other hand, metal shares outperformed in an otherwise weak session. Select FMCG and information technology shares also witnessed buying interest.
Mid- and small-cap shares underperformed their larger peers as Nifty Midcap 100 index declined 0.8 per cent and Nifty Smallcap 100 index fell 1 per cent.
Hero MotoCorp was top Nifty loser, the stock fell 2.25 per cent to close at Rs 2,719. State Bank of India, Mahindra & Mahindra, NTPC, Eicher Motors, Bajaj Auto, HDFC Life, Kotak Mahindra Bank, SBI Life, Bajaj Finserv, HDFC, Adani Ports and UPL also fell between 1-2 per cent.
On the flipside, Hindalco, ONGC, Sun Pharma, Asian Paints, Divi's Labs, Ultratech Cement, Tata Steel and JSW Steel were among gainers.
The overall market breadth was marginally negative as 1,743 shares ended lower while 1,595 closed higher on the BSE.