The markets closed on a flat note on Friday

The Nifty closed at 5995.45 , down 3.60 points or 0.10 per cent while the Sensex closed at 20,217.39 down 12 points or 0.06 per cent.

On the BSE, while capital goods and oil and gas sectoral indices supported the index by closing up by 1.21 per cent and 0.69 per cent respectively, the realty and auto sectoral indices led the downfall and closed in the red by 0.71 per cent and 1.21per cent respectively.

Raamdeo Agrawal, Joint MD, Motilal Oswal Financial Services said: "This is the best time to restructure one's portfolio since the market is not overvalued. There is some comfort that many investors are drawn to midcaps rather than large caps but absence of local participants is disappointing.

"One should buy large and popular companies at their current levels. Retail participation will return after 2014 elections if a decisive government is elected at the Centre. People are tired of weak execution of policies, and once that is addressed by a decisive government, stock market will witness return of domestic investors," he added.

According to Agarwal, market is highly dependent on foreign investor’s behaviour. "In such a case whatever happens with this US fed tapering, FII flow, is linked to that," he added.

Volatility was down with the India VIX index closing at 20.13, down 4.77 per cent.

ONGC, Cairn, Tata Steel, GAIL and L&T were the top five Nifty gainers while Sesa Sterlite, Tata Motors, Bajaj Auto, IDFC and SBI were among the top losers.

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