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Sensex jumps 235 points, Nifty nears 5950

The BSE Sensex jumped 235 points or 1.2 per cent, while the broader Nifty traded close to the 5,950 mark in afternoon trade on Friday. Markets are heading for their biggest weekly gain since the week ended December 1, 2012.

The Sensex has gained over 500 points in the previous three sessions tracking gains in global stocks. A strong close today will tilt the momentum in favour of the bulls, analysts say.

Expectations that the Reserve Bank will cut rates later this month boosted banking shares. The BSE Bankex traded with over 1.2 per cent gains.

Private lenders such as HDFC Bank and ICICI Bank saw 1.5-2 per cent gains. State Bank of India, the country's biggest lender, advanced 1.5 per cent.

IT stocks came under a spell of profit taking after days of strong gains. Frontline IT stocks - Infosys and TCS - traded with deep cuts.

Shares in Maruti Suzuki fell after the company said that it would shut down the production of petrol cars at its Gurgaon facility indicting a slowdown in demand. Tata Motors shares also traded lower.