Led by a sharp rise in banking major State Bank of India (SBI), the Bombay Stock Exchange's (BSE) Sensex gained another 40 points to close the week at 11,572.20, despite heavy pull-out by foreign funds from derivatives segment.
The market erased more than half of the early gains due to weekend profit-selling in a volatile movement at the fag end, as Asian markets ended mixed after initial smart rally.
SBI attracted heavy buying after the Cabinet on Thursday approved amendments to the SBI Act of 1995, which would allow the bank to increase its paid-up capital, as well as reduce the Reserve Bank of India (RBI) stake to 51 per cent by offering additional equity to the public to raise funds, brokers said.
It also proposed to reduce the face value of shares, resulting operators and retailers to go on buying spree.
Resuming on a strong note at 11,589.35 as against Thursday's close of 11,531.95, the BSE-30 share sensitive index remained in the positive terrain throughout the day to touch a high of 11,635.25, before closing at 11,572.20, a net rise of 40.25 points or 0.35 per cent.
On the National Stock Exchange (NSE), the S&P CNX Nifty also spurted by 15.55 points or 0.46 per cent to 3,385.95 from previous close of 3,370.40.
Meanwhile, foreign institutional investors (FIIs) continued their selling in derivatives and reportedly pressed sales worth Rs 752.33 crore on Thursday taking a total to Rs 1979.37 crore since August 17 while they also were net sellers in cash for the last couple of days.
Domestic funds also booked profits to the tune of Rs 227.50 crore on August 23.
Among total 2,559 traded shares, 1,411 closed with gains while 1,073 finished with losses; 229 counters were stuck in upper price band at close while 86 ended in lower price band.
Trading volume was slightly up at Rs 3,197.28 crore from Rs 3,165.93 crore Thursday. RIL remained the top traded share with the highest turnover of Rs 225.69 crore followed by Mahindra Gesco (Rs 109.59 cr), SBI (Rs 107.47 cr), Sterlite Optical (Rs 94.73 cr) and Tata Steel (Rs 90.52 cr).
The broad-based BSE-100 Index moved up further by 32.09 points to 5,890.82 from previous close of 5,858,73.
The BSE-200 Index and the Dollex-200 were quoted higher at 1,390.59 and 497.14 at close compared to last close of 1,382.33 and 494.74 respectively. The BSE-500 Index also rose by 27.99 points to 4,404.28 from 4,376.29 and the Dollex-30 closed up at 2,040.10 from 2,035.30 previously.
SBI shot up by 29.65 to 903.75, RIL by 3.95 to 1110.50, HLL by 4.95 to 236.65, Bajaj Auto by 55.00 to 2750.70, BHEL by 10.50 to 2249.90, Tata Steel by 9.05 to 526.40, TCS by 7.15 to 974.55, Hindalco by 4.75 to 172.65, Satyam Computer by 3.50 to 811.15, ONGC by 4.30 to 1193.20 and Rel Com by 2.90 to 299.40.
However, Tata Motors declined by 10.75 to 849.80, Dr Reddy by 11.80 to 1442.15, ACC by 3.50 to 908.65, HDFC Bank by 3.80 to 850, Infosys Tech by 2.20 to 1765.45, L&T by 5.40 to 2351.70, NTPC by 1.20 to 124.90, REL by 10.20 to 446.20 and Wipro by 4.00 to 511.55.