Indian market witnessed a bit profit booking decline which was largely weighed down by weak global cues as well as minutes from the Reserve Bank of India’s (RBI) policy meeting which pointed towards a change in stance from Accommodative to Hawkish.

The Nifty50 managed to close above its crucial support level of 10500 on Friday weighed down by financials, energy, realty, and infrastructure stocks. The index finally closed 1.2 point lower at 10,564\.

On the other hand, IT Stocks gained the most with S&P BSE IT index closing with gains of 4.8% which was led by gains in TCS, Cyient, MindTree, Tech Mahindra, HCL Technologies, Infosys etc. among others.

The S&P BSE Sensex staged a smart recovery but closed 11 points lower at 34,415 weighed down by losses in ICICI Bank (down 2.4%), Tata Steel (down 2.2%), SBI (down 1.9%), and NTPC (down 1.8%).

Sectorally, the S&P BSE IT index rose 4.8%, followed by the S&P BSE telecom index which was up 0.5%, and the S&P BSE auto index gained 0.17%. The S&P BSE Realty index slipped 1.07%, followed by the S&P BSE Banks which slliped 1.04%, and the BSE Capital Goods index was down 0.8%.

The S&P BSE Midcap index slipped 0.4%, and the S&P BSE Smallcap index was up 0.02%.