A strong dollar overseas and some hesitancy in local stocks, however, limited the rupee rise.
Unwinding of long dollar positions by banks too aided the sentiment
A weak dollar overseas also aided the rupee rise while fresh sell-off by foreign funds in domestic stocks capped the currency's gains, forex dealers said.
The laggards in the Sensex kitty were Vedanta, Tata Steel, M&M, HCL Tech, Bharti Airtel, Maruti Suzuki, L&T, Asian Paint and HDFC
The rupee had plummeted to over three-month low of 63.32.
The session was marked by volatility and stock-specific action, even as the overall sentiment remains risk-averse, brokers said.
The rupee recovered from more-than three months low of 63.15 in early trade on dollar selling by banks.
BSE Sensex on Monday closed nearly 34 points higher at 26,350.17 with gains in realty, power, FMCG and oil & gas stocks amid sustained buying by domestic institutional investors.
Both the indices ended at their highest levels since February 1.
The broader NSE Nifty moved between 10,705 and 10,785.55, before ending 25.15 points, or 0.23 per cent down at 10,716.55.
The 30-share barometer remained up throughout and hit a high of 29,070.20, powered by a rally in RIL and other blue-chips. The index ended 215.74 points up, or 0.75 per cent, at 29,048.19 -- its highest closing since March 5, 2015, when it had closed at 29,448.95.
The rupee extended gains for the fourth straight day against the US currency on Thursday.
The broader NSE Nifty index too finished lower by 4.80 points, or 0.05 per cent, at 10,632.20.
The broader Nifty ended on top of 9,800 again.
Coal India was the biggest gainer on both Sensex and Nifty
It was the second straight week of gains for the benchmarks.
The 30-share barometer started higher, but lost its way soon after the railway budget.
In forward market today, premium for dollar declined on sustained receivings from exporters.
Rupee rebounds from one-week low, up 9 paise against dollar.
SBI had a bad day, sliding the most by 5.36%. Others that dragged the key indices down were M&M, Reliance Industries and L&T.
Sentiment was hurt after market regulator Sebi directed bourses to initiate action against 331 suspected shell companies.
Investors booked profits in recent gainers
Investors are keenly focused on new govt's first full-year Budget.
'The expectation was that Modi would become even bolder in his approach, and after only four months into his second term, we are starting to see evidence of this.'
Institutional investors led by foreign portfolio investors have bought these shares.
Market breadth on the BSE ended firm as 1,908 shares advanced and 1,156 shares declined
The rupee's strength against its competitor could come to haunt exporters.
Dealers attributed the rupee's fall to fresh demand for the US currency from importers
Sentiment was largely positive after April IIP grew at 4.9 per cent, spurred by higher growth in manufacturing and mining sectors.
Rupee ends day at 61.91 against the US dollar.
The broader NSE Nifty too dived by 101.65 points, or 0.97 per cent, to close at 10,350.15.
Coal India topped the losers' list in the Sensex pack on Tuesday, falling 2.36 per cent, followed by Bharti Airtel at 2.16 per cent.
On the sectoral map, consumer durables stayed in the lead by surging 2.39 per cent, followed by realty index, oil and gas and infra.
The Nifty rose 176.50 points, or 1.74 per cent, during the week.
The 50-share NSE Nifty ended up 37.05 points, or 0.36 per cent, at 10,397.45 points
Construction major L&T was the biggest gainer among the Sensex components, spurting 2.30 per cent, after the company said its board has approved a Rs 9,000-crore share buyback plan.
Investors have kept their eyes on US-China trade talks and are optimistic about a positive outcome.
Despite a strong start to trade today, key benchmark indices retreated sharply from their higher levels following bouts of profit-taking amid fresh weakness in the rupee against the dollar.
The NSE Nifty settled the day 93.20 points or 0.88 per cent lower at 10,452.30 after shuttling between 10,612.90 and 10,434.05.
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.
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