while deployment is it possible to create/update records in sfdc.I am planning deployment in production but want to know can we create/update records in sfdc
No. Deployments can only create metadata. You would need to import the data independent of the actual deployment process.
It depends on your requirement like what you are trying to deploy. If you are trying to deploy your code to production you would not be able to create any record at that time.
Thanks. Ajay Dubedi