Sentiment continued to be weighed down by the government's move last week to withdraw high-value currency notes and disappointing quarterly earnings by some more blue-chip companies, brokers said.
Foreign portfolio investors were net buyers in equities to the tune of Rs 119 crore, as per provisional stock exchange data.
Among Sensex constituents, Vedanta fell 3.40 per cent, followed by SBI 3.17 per cent, Yes Bank 3.11 per cent, Axis Bank 1.68 per cent, ONGC 1.60 per cent, Power Grid 1.52 per cent and HDFC 1.48 per cent.
Top gainers among the S&P BSE Sensex include GAIL, Dr Reddy's Laboratories and Bharti Airtel, all edging up by 1% in late morning deals
Reflecting the bearish mood, all sectoral indices, led by metal, teck and healthcare, ended in the negative zone.
This is the highest closing for both the indices since May 15.
The BSE Sensex gained 104.63 points to end at 33,147.13, while the broader Nifty spurted 48.45 points to finish at 10,343.80.
Sensex shed 167 points to close at 28,633 and Nifty dropped 55 points to end at 8,695.
In the Sensex pack, M&M was the biggest loser, tumbling by 6.66 per cent, followed by TCS dropping 4.14 per cent.
Investors watch out for cues from the on-going winter session of the Parliament.
After a volatile session, Sensex closed the day 563 points lower
Sentiment was hurt after market regulator Sebi directed bourses to initiate action against 331 suspected shell companies.
Investors booked profits in recent gainers
Covering-up of pending short positions on expiry of the July derivatives contracts and a strengthening rupee propped up the markets at high levels
Shares of IT major TCS on Friday tumbled over 8 per cent after its September quarter numbers failed to meet market expectations.
The session was marked by volatility and stock-specific action, even as the overall sentiment remains risk-averse, brokers said.
Profit booking in realty, oil and gas, capital goods, power and metal stocks pulled the index down to the day's low of 25,347.33 points.
Both the indices ended at their highest levels since February 1.
The Nifty rose 176.50 points, or 1.74 per cent, during the week.
Sensex ended up 190 points at 25,519 and Nifty climbed 57 points to end at 7,626.
ITC, Sun Pharma, HDFC and Coal India were among the top gainers.
Broader markets underperformed indices with BSE Midcap down 0.43% while the Smallcap index fell 0.07%.
Sentiments took a hit after broader Asian markets weakened, following a renewed sell-off on Wall Street on Tuesday as energy shares dropped after crude oil prices plunged to a 13-month low amid weak earnings and US-China trade disputes, fuelling worries about economic growth
But the 30-share Sensex rose by 141.52 points, or 0.41 per cent, to close at 34,297.47. The broader NSE Nifty gained 44.60- points, or 0.42 per cent, to end at 10,545.50 after touching a high of 10,618.10.
Shares of ING Vysya Bank and Kotak Mahindra Bank rallied by up to 6% on the BSE on reports that Kotak Mahindra Bank in final stages to buy the bank.
Traders said falling crude prices in the global market was a big boost for the economy as it lightens the country's import bill burden, eases inflation and current account deficit concerns.
Benchmark share indices ended flat amid lack of investor participation even as gains in IT majors ahead of their second quarter earnings helped capped downside.
The S&P BSE Midcap and the S&P BSE Smallcap indices added 0.5% and 0.7%, respectively
Profit-booking and selling pressure on below-normal monsoon forecast, marred sentiments, traders said.
Metal shares were the top gainers with Hindalco up over 5%.
The 30-share Sensex ended higher by 30 points.
Covering-up of short positions ahead of Thursday's expiry of August series in the derivatives segment gave equities a slight push
The 30-share Sensex was up 188 points at 28,415 and the 50-share Nifty was up 58 points at 8,584.
The NSE Nifty also moved up by 12 points to 8,648.35.
Investor sentiments remained upbeat tracking global developments as the US, China geared up for trade talks due this week.
Four of the founders of Infosys are seeking to raise about $1.1 billion by selling stakes in the company.
The sentiment got support from better-than-expected earning results by select companies and continuous buying by domestic financial institutions.
Investors booked profits in range-bound trade, led by PSU, oil & gas, energy, infrastructure, telecom, realty, healthcare, bankex, FMCG, capital goods and power counters.
A recovery in rupee, buying by domestic institutional investors, encouraging earnings by select blue-chips and stock specific buying helped the market get back on its feet
In the broader market, the BSE Midcap was down 0.2%, while BSE Smallcap fell 0.1%.
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