The Indian benchmark stock indices, BSE Sensex and Nifty 50, surged to record highs on intraday trade bolstered by positive global cues on Friday before shedding the gains and closing in negative on profit booking.

 The Sensex hit a fresh record high of 85,978.25 before closing at 85,571.85 declining 264.27 or 0.31%. Meanwhile, the Nifty 50 reached a peak of 26,277.35, closing at 26,178.95, down 37 points or 0.14%.

In the broader market on Nifty, mid-cap stocks managed to stay in green on Friday, while the other segments closed flat.   Despite the record highs in key indices, the market's breadth was relatively balanced, with 2,892 shares traded in total, including 1,418 advances and 1,390 declines while 84 remained unchanged.

In sectoral performance, indices ended mixed with auto, IT, pharma, consumer durables, media, healthcare and PSU bank and metal stocks posting gains. Nifty Healthcare posted the highest rise of 1.25%, followed by Nifty Pharma at 1.15%. Nifty Metal gained 0.79%, while Nifty PSU Bank rose by 0.72%. The tech-heavy Nifty IT saw a modest increase of 0.36%, and Nifty Auto recorded a gain of 0.42%. 

  On the other hand, sectors with significant weightage such as Nifty Bank (-1.00%) and Nifty Financial Services (-0.98%) saw declines, pulling down the broader index. Nifty Private Bank also dropped by 1.03%, while Nifty Media and Nifty Realty recorded larger losses of 1.55% and 1.19%, respectively. Nifty FMCG registered a minor decline of 0.47%.

The top gainers on Nifty were led by BPCL, which surged by 6.23% with a high trading volume of over 4 crore shares. Cipla followed with a 3.25% rise, supported by strong volumes of nearly 39 lakh shares. The pharmaceutical sector saw further gains with Sun Pharma up 2.45%, and Divi's Laboratories gaining 2.36%, both reflecting positive momentum in healthcare stocks.

Apart from this a significant number of 287 stocks reached fresh one-year highs, showcasing strong market momentum. Among these, major names included ITC, Mahindra and Mahindra (M&M), NTPC, Bajaj Finserv, Bajaj Auto, JSW Steel, Nestle, Sun Pharma, and UltraTech Cement.

On the losing side, Power Grid led the losses, dropping 2.96% with a high volume of over 3.3 crore shares traded. Bharti Airtel followed, falling by 1.93%. Among banking heavyweights, HDFC Bank and ICICI Bank declined by 1.71% and 1.70%, respectively, both witnessing substantial volumes of over 1.7 crore shares each.

Earlier most Asian markets rallied as slew of economic policy measures rolled out by the Chinese government this week to revive the economy lifted the investor optimism.

The Nikkei 225 in Japan surged 2.32%, closing at 398,829.63, while South Korea's Kospi lost 0.82% to finish at 2,649.78. In China, the Shanghai Composite Index advanced 2.88%, closing at 3,087.53 and the CSI 300 index rose 4.47% to 3,703.68.