The rally was mainly driven by financial, consumer durables, auto and oil and gas stocks.
The biggest gainers on both bourses were Bharti Airtel, HDFC duo, L&T, Bajaj Auto, Kotak Bank, Reliance Industries, Axis Bank, ICICI Bank, SBI, ITC and Bajaj Finance, rising up to 4 per cent.
In the broader market, BSE midcap and BSE smallcap indices underperformed the larger counterparts and ended flat with a negative bias.
In the 52 newly listed companies since 2014, fund managers have a total investment of a mere 2.5 per cent of their assets under management.
The 30-share Sensex ended up 292 points at 29,571 and the 50-share Nifty closed up 75 points at 8,910.
Markets remained muted throughout the day on back of selling pressure in IT and PSU stocks.
Bajaj Auto, BHEL, Infosys, ITC and RIL are among the 12 listed Indian companies which have figured in the latest list of 'Fabulous 50' of prestigious international magazine Forbes Asia.
The overall market breadth was negative as 1,844 stocks declined against 986 advancing ones, on the BSE.
The Sensex slipped into negative territory, after opening 14 points up at 7,765.
The US stocks slumped on Thursday on signs of further weakness in the housing sector.
Among Sensex components, shares of Reliance Industries, India's largest company by market value, stole the show by surging 1.61 per cent to their highest in over three months.
The domestic benchmark indices - the S&P BSE Sensex and the National Stock Exchange Nifty50 - had lost close to 1.5 per cent in three days recently before gaining slightly. Notwithstanding weakness and volatility, the Nifty50 has managed to hold on to the 18,000 mark, while the Sensex has managed to stay above the 61,000 level. The performance of the stocks that comprise these front-line indices remains polarised.
Tech Mahindra was the top loser in the Sensex pack, shedding over 4 per cent, followed by HCL Tech, ONGC, Asian Paints, UltraTech Cement and HDFC. On the other hand, Bharti Airtel, ITC, Bajaj Auto and Bajaj Finance were the gainers.
The stock markets tanked in morning trade on Friday and sent the benchmark Sensex down to its lowest level in 13 months.
Hindalco and BHEL among the top Sensex gainers
Infosys was the top gainer in the Sensex pack, closing 7.20 per cent higher as investors cheered its financial results. The IT major posted better-than-expected 5.3 per cent rise in its June quarter net profit, and raised revenue growth forecast for the current fiscal.
RIL was among the top gainers in the Sensex pack, jumping over 3 per cent to hit its record closing high. Tech Mahindra, HCL Tech, Bharti Airtel, Infosys, HUL and ITC were also among the prominent gainers.
Tata Steel and Axis Bank were among the top gainers in the Sensex pack, surging up to 6.67 per cent following their March quarter results.
Reliance Industries was the biggest loser in the Sensex pack, falling 2.62 per cent, followed by Nestle India, IndusInd Bank, UltraTech Cement, M&M and SBI.
The overall breadth was neutral as 1,362 stocks advanced while 1,331 stocks advanced.
The overall market breadth was marginally positive as 1,218 stocks advanced against 1,116 declining ones, on the BSE.
ICICI Bank was the top gainer in the Sensex pack, surging 4.64 per cent, followed by Axis Bank at 3.86 per cent and SBI 2.53 per cent.
The Nifty spurted to a high of 5416, and finally ended with a marginal gain of 11 points at 5409.
The Nifty gained 47 points to close at 3,605.\n\n
The broader NSE Nifty jumped 57.25 points or 0.49 per cent to close at 11,844.10.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
In the Sensex pack, losers included TCS, HUL, Tata Steel, HCL Tech, Infosys, Bajaj Finance, HDFC, IndusInd Bank, Asian Paints, ITC and Vedanta, shedding up to 3.70 per cent.
Infosys Technologies has emerged as India's best company to work for in 2009.
The Sensex opened past the 8,200-mark at 8,208 as against Wednesday's close of 8,189 and later rallied smartly to a high of 8,252.
Top losers in the Sensex pack include Bharti Airtel, Infosys, Asian Paints, RIL, Coal India, HDFC Bank, HDFC, TCS, ONGC and M&M, falling up to 3.09 per cent.
The index widened its loss towards the fag-end on emergence of intense selling in heavyweights like ITC, RIL and ICICI Bank. In percentage terms, however, Sun Pharma was the biggest loser with 9.39 per cent drop. Intra-day, the pharma major's shares tanked over 20 per cent.
ISB has introduced this concept, christened "Shadow a CEO", to mobilise funds for charity and allow its students to work with the Who's Who of India Inc for a day. Some 16 CEOs have agreed to participate. "We not only want to put the money generated for benefit of the society, but also let our students experience the joy of operating with a CEO for a day," said Ajit Rangnekar, Dean of ISB.
The broader markets closed in tandem with their large counter parts- BSE Midcap and Smallcap indices lost 0.065 and 0.10%, each.
Large Indian IT services companies are expected to report "muted" sequential show in a traditionally strong second quarter, as macroeconomic challenges continue to weigh on global discretionary spending, say market watchers. The big earnings week for tech heavyweights is up ahead, with Tata Consultancy Services (TCS) scheduled to announce its results on October 11, and both Infosys and HCL Technologies on October 12. Wipro is slated to declare its Q2FY24 results next week, on October 18.
For innovation, Bharti Airtel and ICICI Bank are followed by Infosys, TCS and HCL Technologies in the top five. These are followed by Anil Ambani-led Reliance Communications, Wipro, Satyam, M&M and Hindustan Lever (now known as Hindustan Unilever in the order of their rankings.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
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