For the week, 30-pack Sensex declined 0.85 per cent while 50-pack Nifty shed 1.19 per cent.
After 135 bps rate cut since February, experts see RBI to cut rates by 25 bps in December.
The 30-share Sensex scaled fresh record high of 40,816.38 in intraday trade.
Broader market stayed weak with BSE Midcap and Smallcap indices underperforming Sensex.
The gains in the stock market were led by financials, IT and auto stocks.
With earnings coming out better than expected, D-Street has one less thing to worry about.
India's service activity slowed again with October PMI coming in at 49.2.
Is it safe to assume that the bulls are back on Dalal Street?
Shankar Sharma said stock market should not influence major economic policies.
Moody’s cut India's GDP growth forecast for FY20 to 5.8% from an earlier estimate of 6.2%.
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