The BSE benchmark Sensex remained choppy throughout the session on Friday, ending the day nearly 88 points up at 27,661.40 on some fag-end buying by participants ahead of the announcement of key IIP data.
The complete turnaround in Chinese stock market gave the sentiment a big lift. The government is slated to release data on industrial production (IIP) for May later in the day.
The 30-share barometer resumed in the positive terrain, hitting the day's high of 27,729.46. But with profit-booking kicking in, the index slipped into the negative territory and plunged to a low of 27,530.90.
However, some late-afternoon buying towards the fag end of the session helped it stage a comeback to close 87.74 points, or 0.32%, higher at 27,661.40. The gauge had dropped over 635.10 points in the previous three straight sessions after a rout in Shanghai shares and continued Greek debt concerns rattled investors.
On a weekly basis, the Sensex and the Nifty ended lower by 431.39 points (1.53%) and 124.35 points (1.46%), respectively, snapping three weeks of gains. Sentiment turned for the better after Shanghai Composite jumped 4.54% on the back of new government measures to tame market decline.
There were hopes that Greece is inching towards a loan deal with its international creditors this Sunday to avert bankruptcy and a Grexit. Technology stocks came under pressure after TCS posted muted first quarter numbers yesterday. It lost 1.96% whereas Infosys shed 0.07%.
The broader 50-share Nifty also edged up 32 points, or 0.38%, to 8,360.55 after shuttling between 8,377.10 and 8,315.40. Among index heavyweights, Vedanta was the top gainer while others such as Sun Pharma, BHEL, HDFC Bank, RIL and L&T too ended in the green.
Out of 30 Sensex components, 16 advanced and 14 lost. Sector-wise, banking stole the show, up 1.15 per cent, followed by healthcare, capital goods, metal and oil & gas. Buying activity also helped BSE small-cap and mid-cap indices close with modest gains.
Globally, a higher closing at most other Asian markets provided additional momentum to the Indian stocks.