The 30-share Sensex rose over 75 points in morning trade and shot up to 31,365.39, but quickly lost momentum to hit the day's low of 31,110.39.
Still, the indexes were headed for small weekly gains on hopes the central bank will cut interest rates after minutes from a monetary policy committee meeting earlier this month showed one member acknowledging that inflation had eased. Market was extremely volatile in the week with Sensex hitting record high and breaching 31,500 on Thursday.
Among BSE sectoral indices, realty index plunged the most by 2.03 per cent, followed by metal 1.26 per cent, PSU 1.12 per cent and auto 1.11 per cent, while IT index was up 0.27 per cent and TECk 0.14 per cent.
"Asian markets are trading mixed". The S&P500 index inched 1.42 points lower to 2,435.61.
Shares of Fortis Healthcare crashed about 13 per cent after Malaysia's healthcare services provider IHH Healthcare Berhad on Thursday (22 June) said it is not close to "concluding any negotiations" to buy controlling stake in Fortis Healthcare.