Benchmark indices failed to hold on record high and ended lower in the volatile session on Friday. Selling was seen in the media, bank and realty sectors.

At close, the Sensex was down 264.27 points or 0.31% at 85,571.85, and the Nifty was down 37 points or 0.14% at 26,179.

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Nifty 50 rose by 0.23%, reaching a fresh all-time high of 26,277 during the trade while Sensex hit a new peak of 85,978.

Notably, for the week, both indices posted gains of over 1.2%.

On Nifty, 32 out of the 50 constituents finished in the positive territory.

BPCL, Cipla, Sun Pharma, Coal India, and Reliance Industries (RIL) were the top gainers while Power Grid Corp, Bharti Airtel, HDFC Bank, ICICI Bank, Kotak Mahindra Bank were among the top losers.

Hindalco Industries, Coal India, Titan Company, HCL Technologies, Bajaj Finserv, Grasim Industries, Asian Paints, and Eicher Motors, all closed with gains exceeding one per cent.

Among the sectors, Nifty Oil & Gas topped the charts with a 2.41% gain, followed by Nifty PSE, Nifty Healthcare, and Nifty Pharma, which recorded gains of 1.49%, 1.19%, and 1.13%, respectively.

Metal stocks surged up to 3 per cent in today’s session after the People’s Bank of China cut the reserve requirement ratio for banks by 50 basis points.

Further, the shares in the Nifty IT index surged by as much as 1.5%.

PC Jeweller stock hit its 5% upper circuit after Bank of India shared its approval for a one-time settlement of its outstanding dues.

Stock of BPCL surged around 7 per cent to hit a fresh record high, driven by heavy volumes.

Union Bank of India tumbled 4% as approximately 7 per cent of its workforce, primarily customer service associates and office assistants, participated. The workers have raised key concerns raised by the unions.

Zee Media shares were locked at a 10 per cent upper circuit as the board of the company has approved a fund-raising plan amounting to Rs 200 crores.

The markets had been riding high on optimism fueled by the US Fed’s supersize rate cut and expectations of increased foreign inflows.

However, a slump in banking shares cooled the rally, halting the markets’ upward momentum.