The nifty slipped below the 7900 mark and the Sensex too ended in red. The Sensex was down 42.24 points or 0.2 percent at 25838.14, and the Nifty slipped 12.75 points or 0.2 percent at 7899.30.
About 1242 shares advanced, 1313 shares declined, and 165 shares were unchanged. A bullish Vibhav Kapoor of IL&FS feels that there may still be a further 12 percent upside over the course of this fiscal even as market has bounced back a good 15 percent after bottoming out in February.
The Bank Nifty was the outperformer even for the week clocking 2.7 percent gains. The index closed at a nearly a four month high today. SBI and Axis Bank gained 1-3 percent in Friday's trade.
HDFC Bank, India’s second largest private sector, reported good January-March results on the back of a robust growth in its loan book. Its net profit rose 20.2 percent at Rs 3374.2 crore in fourth quarter of FY16 compared to Rs 2806.9 crore in corresponding quarter last fiscal.
During the quarter, its NII or difference between interest earned and interest expended grew 24 percent at Rs 7453.3 crore from Rs 6013.2 crore in year-ago period, led by strong credit growth and stable margins of 4.3 percent.
Auto stocks also lend support to the market with gainers like Maruti, Tata Motors, M&M and Bajaj Auto. FMCG and IT stocks did not find takers. HUL was down 2 percent while ITC, Sun Pharma and Infosys were other laggards.
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