Sensex settled 32 points or 0.05% higher at 60,718, while the Nifty added 6 points or 0.04% to close at 18109.
The surge in earnings has been led by financials, metals & mining and oil & gas.
The need of the hour is to have a balanced portfolio with a mix of defensive stocks & sectors, debt, and cash in hand, after the super rally.
In the week ended on Friday, the Sensex jumped 619.07 points or 1.03% to settle at 60,686.69. The Nifty 50 index surged 186.57 points or 1.04%.
Most sectoral indices ended the day in the green with Nifty IT zooming 2.10% followed by the Nifty Realty index gaining 1.65%.
Sensex closed at 59,919.69, down 433.13 points or 0.72%, while the Nifty declined 143.60 points or 0.80% to end the day at 17,873.60.
At 10:30am, Sensex tanked 563.92 points or 0.93% to 59,788.90, while Nifty stood at 17,848.70, down 168.50 points or 0.94%.
Nifty PSU Bank was the top laggard with losses of 2.35%, while the Nifty Metal index tanked 1.76% and Nifty Realty index slipped 1.36%.
The 'buy on dips' strategy of retail investors and DIIs is countered with the 'sell on rally' strategy of FIIs.
Sensex settled at 60,433.45, down 112.16 points or 0.19%, while the broader NSE Nifty declined 24.30 points or 0.13% to end at 18,044.25