Reuters Market Eye - The BSE Sensex rose more than 1 percent on Friday to mark a record closing high with State Bank of India (SBI) surging after reporting bad loans fell in January-March from the previous quarter.
SBI provisionally ended 10.3 percent higher, marking its biggest single-day gain since May 19, 2009, after earlier jumping as much as 10.6 percent to mark its highest level since May 2, 2011 at 2,777 rupees.
Also, hopes of reforms in the power sector by the new government continued to drive shares. NTPC Ltd NTPC.NS rose 5.2 percent and Tata Power Co gained 7 percent.
The benchmark BSE Sensex provisionally closed 1.39 percent higher, while the broader Nifty gained 1.32 percent, also gaining for a third consecutive week.
(Reporting by Abhishek Vishnoi; Editing by Sunil Nair)