The Indian equity benchmarks snapped their two-day losing streak on Friday led by gains in Reliance Industries, ICICI Bank, Infosys, HDFC and State Bank of India. For most part of the day, benchmarks traded in a rangebound manner. However, late buying in banking an d financial services shares helped benchmarks from lower levels. The Sensex rose as much as 350 points from the day's lowest level and Nifty 50 index reclaimed its important psychological level of 15,700.
The Sensex ended 166 points higher at 52,485 and Nifty 50 index advanced 42 points to close at 15,722.
The benchmarks recorded nearly 1 per cent weekly loss as they struggled for momentum, after hitting all-time highs recently, due to a lack of fresh domestic triggers.
While declining COVID-19 cases, easing of curbs and a surge in vaccinations have helped the Nifty and Sensex hit record highs as recently as Monday, they've been unable to make any headway since. For the week so far, they are down about 1.2 per cent.
Seven of 11 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty Pharma index's 0.6 per cent gain. Nifty Bank, Financial Services, Private Bank, Realty and Media indices also rose between 0.4-0.6 per cent.
On the other hand, select metal, FMCG and PSU banking shares witnessed mild selling pressure.
Mid- and small-cap shares outperformed their larger peers as Nifty Midcap 100 index rose 0.5 per cent and Nifty Smallcap 100 index rose 1.14 per cent.
Divis Labs was top Nifty gainer, the stock rose 2 per cent to close at Rs 4,525. ICICI Bank, Reliance Industries, Coal India, Tata Consumer Products, State Bank of India, Adani Ports, UPL and Indian Oil also rose between 0.8-1.5 per cent.
On the flipside, Tata Steel, JSW Steel, Britannia Industries, Power Grid, Hindalco, Bajaj Auto, Grasim Industries and Eicher Motors were among the losers.
The overall market breadth was positive as 1,882 shares ended higher while 1,321 closed lower on the BSE.