Key share indices ended over 1% higher on Friday, amid a volatile trading session, led by index heavyweights Reliance Industries and software major Infosys along with private sector bank shares.
The 30-share Sensex provisionally ended up 179 points or 1.04% at 17,376 and the 50-share ended up 58 points or 1.11% at 5,287.
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(Updated at 14:37 hrs)
Volatility ruled the roost in trades. The Sensex after touching a low of 17,179, recovered to trade in the green. The index has surged in late-noon trades and touched a high of 17,448 and is now trading near that level at 17,433 - up 236 points. Nifty is up 76 points at 5,304.
Asian markets ended mostly in the negative zone. China's shrinking factory activity data dampened sentiments. Shanghai Composite slipped 1% at 2,349. Nikkei was down 1% at 10,011. Hang Seng was down 1% at 20,669.
Banking shares are leading the gains this afternoon. BSE bankex has jumped 2% to 11,935. Realty index has moved up 1.5% at 1,790.
HDFC Bank and ICICI Bank are the top contributors to the Sensex's upmove this afternoon. While HDFC Bank has added 3%, ICICI Bank has moved up 2.5%. Bharti AIrtel rebounded after the morning's fall and is up 4% at Rs 337.
Among other gainers are Hero MOtoCorp, Gail and BHEL.
IT shares have jumped on US cues as Accenture's second quarter results and guidance cheered market sentiments. BSE IT index has gone up 1.4% at 6,096.
ING Belgium has selected Infosys' Finacle universal banking solution for core banking transformation. Shares of Infosys were trading up 1.6% at Rs 2,872. TCS is up 1.7% at Rs 1,188 while Wipro has moved up marginally to Rs 425.
Meanwhile, the rupee dropped on speculation a widening Budget deficit will weigh on its credit rating, damping demand for the nation’s assets.
Metal shares weakened on global cues as metal prices declined in the London Metal Exchange. Jindal Steel shed 1%, followed by Hindalco and Sterlite. However, Tata Steel has gained 1% at Rs 455.
Other losers include Maruti Suzuki, Coal India and ONGC.
Aviation stocks have moved up on reports that the government has lifted the freeze on private carriers flying abroad. Jet Airways has surged 2.7% at Rs 339. SpiceJet has soared 8% to Rs 23.35.
Foreign institutional investors (FIIs) bought shares worth a net Rs 246.56 crore on Thursday. FII have invested Rs 7,207.8 crore from March 9 to March 20, 2012.
BSE market breadth is positive. Out of 2,872 shares traded, 1,439 shares have advanced while 1,302 shares have declined.