The S-P BSE Sensex and NSE Nifty 50 indexes came off two-week highs in trade on Friday and were on track to snap their four-day winning streak weighed down by losses in Reliance Industries, Kotak Mahindra Bank, ICICI Bank, Larsen - Toubro, IndusInd bank and Bharti Airtel.
Since the Budget, which was presented by Finance Minister Nirmala Sitharaman on Saturday, the Sensex has and Nifty have surged 4 per cent each.
Analysts say that after a sharp surge in the benchmark indexes markets are correcting on account of a mild profit booking.Concerns about the economic impact from a coronavirus epidemic led to a downturn in global sentiment which impacted Indian stocks as well.
Asian share markets fell on Friday and oil price gains stalled, as the growing death toll and economic damage from the coronavirus outbreak snuffed out a late-week rally.As of 1:27 pm, the Sensex was down 0.4 per cent or 158 points at 41,148 and the Nifty was at 12,092, down 0.4 per cent or 46 points.Five of 11 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty Realty index's nearly 2 per cent fall.
Nifty Auto, Bank, Financial Services and PSU Bank sector gauges were also down between 0.3 and 0.9 per cent each.On the other hand, Nifty Media index was top gainer, up 1.6 per cent.Mid- and small-cap shares were trading mixed as the Nifty Midcap 100 index rose 0.3 per cent and Nifty Smallcap 100 index dropped 0.1 per cent.Zee Entertainment was top gainer in the Nifty 50 basket of shares, the stock rose nearly 5 per cent to Rs 247.
NTPC, Hero MotoCorp, Hindalco, UPL, Bharti Infratel, Axis Bank, UltraTech Cement, HCL Technologies and Cipla were also among the gainers.On the flipside, Eicher Motors, Tata Motors, IndusInd Bank, Mahindra - Mahindra, Reliance Industries, Power Grid, Bharat Petroleum, Kotak Mahindra Bank and Bharti Airtel were among the laggards.