Market breadth depicted gains with 1,476 advances over 1,403 declines on the BSE. 140 stocks remained unchanged.
The transaction will lead to an open offer for minority holders.
The progress on US debt ceiling talks, domestic inflation numbers and second quarter earnings of companies are expected to keep investors busy in the truncated trading week ahead.
The cutback on export credit refinance facility is another step towards a shift away from sector-specific liquidity allocations.
Expressing disappointment over the hike in repo rate by the RBI, India Inc on Friday said a rate cut by the bank would have helped ameliorate sentiments as businesses are "reeling" under a tight liquidity crunch due to high cost of capital.
Today, Apollo Tyres is the first made-in India automotive brand to be sold in Europe independently.
Indian economy about to take-off
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