IT, Tech, Capital Goods and FMCG sectors also firmed up on good buying enquiries.
Domestic shares logged their first weekly gain in the third week on the back of quarterly earnings, which were so far in line with expectations, as Sensex rose 261.07 points or 1.03 per cent and Nifty climbed 81.45 points or 1.05 per cent in five days.
The Sensex had dropped 609.64 points or 2.36 per cent and the NSE Nifty 165.85 points or 2.10 per cent in previous two weeks.
Equities took a beating of 300 points on the last day to fall to a one-week low as investors saw odds of an early rate cut receding after inflation hardened in April amid fears that Sebi's move to tighten P-Note norms would hit foreign fund inflows.
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In a double whammy, government data showed that industrial production plunged to 0.1 per cent in March, while retail inflation jumped to 5.39 per cent in April.
Market also affected on fears that equity inflows would take a hit after India's move to impose capital gains tax on investment through Mauritius.