Shares of HDFC Life Insurance ended 0.4 percent higher on Friday, extending its gains for the fifth straight session. The stock ended as the top gainer on the Nifty 50 index this week with gains of 8 percent.

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Sources within the dealing rooms indicate that FIIs have been buyers in the stock which is aiding the outperformance even in a weak market.

Dealers further indicated that the FIIs, while on a selling spree for the last 10 trading sessions until Thursday, have been positive only on the insurance space, which is aiding buy flows.

Weakest first week in seven years

Benchmark indices ended lower by over 1 percent this week, registering its weakest first week of the new year since 2016.

The Sensex closed below the mark of 60,000 while the Nifty 50 managed to hold the 17,850 mark. The index recovered over 60 points from its intraday low of 17,795.

Dealers observed that there was selling pressure across the board, adding that 17,800 is a crucial level on the downside for the Nifty 50 index. A close below this level can trigger further sell-off, according to the dealers.

Financials and IT stocks were under pressure today, led by TCS that reports earnings on January 9. Dealers also suggest that flows at the FII desk were negative.

Some key triggers include earnings, that begin next week and the second half of January, where fresh Emerging Market allocation will take place.

Dealers also suggested that there is apprehension among retail investors as well to buy into the dip. Until recently, selling from FIIs was getting absorbed by domestic buying.

Besides HDFC Life, here are some other stocks that have been part of the dealing room chatter today:

PVR: Shares of the multiplex chain ended lower for the fourth straight day on Friday. The stock has now corrected over Rs 110 since the high of January 2. Dealers suggest that there has been heavy selling pressure from FIIs in the stock and that the delivery volumes on the stock may be higher in today's session.

Page Industries: Shares of the premium apparel company ended 1.4 percent lower on Friday after Macquarie downgraded the stock and also cut its price target to Rs 36,500. Dealers indicate that selling from a leading domestic fund is largely over.