HDFC twins, Axis Bank, ICICI Bank and SBI from the financial space gained between 1-2.7%.
Sensex gained nearly 0.4% or 96 points at 26087 level while Nifty ended up by 42 points or 0.5% at 7,791.40 level.
Insurance firms have designed amazing retirment plans to lure more customers.
Analysts say loan growth, Casa ratio and exposure to sectors under pressure did not indicate any stress at United Bank.
OIL, IOC, HPCL, BPCL slipped between 0.1-1.5% each while the oil producing companies such as ONGC (0.1%), RIL (1.5%), GAIL(2.6%) also edged lower.
On a weekly basis, the Sensex climbed 749.86 points or 2.69 per cent and the NSE Nifty soared 237.10 points or 2.76 per cent
Financials declined amid profit taking while energy shares fell after the government hiked excise duty on transport fuels.
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After 3 weeks of consecutive rally, this week was a breather for the index, which corrected by almost 1.5%.
The Nifty has gained 2.6% so far this week, while the Sensex has climbed 2.85%
A steep decline in the Asian equities after crude oil fell to its lowest since September 2003 dented sentiments.
Sensex may remain under pressure this week due to weak global factors.
The Sensex ended above 27,000 for the first time while the Nifty topped 8,100.
BSE Bankex and Telecom indices led the fall.
ICICI Bank, SBI, Axis Bank and HDFC Bank dipped between 1-2% each.
As liquid tightening measures were likely to be temporary, any change in lending rates would depend on the length of these measures, according to bankers.
Weakness in Infosys, L&T and Hindalco cap index gains.
BSE Mid-cap index ended lower by over 2.5% and BSE Small-cap index tumbled over 3%.
Market breadth on the BSE ended firm as 1,908 shares advanced and 1,156 shares declined
The 30-share Sensex ended up 12 points at 28,517 while the 50-share Nifty ended nearly unchanged at 8,660.
ONGC was the top gainer which surged over 4% followed by Axis, SBI, CIL
The Nifty had hit its third successive record high of 7,922.70 today.
The 30-share Sensex ended down 261 points at 28,747 and the 50-share Nifty ended down 83 points at 8,684.
Banking shares saw a renewed buying interest on the hopes of a rate-cut by the central bank post the easing of macro-economic data.
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Within hours of rate cut announced by RBI, United Bank has reduced the benchmark lending rate by 0.25 per cent, while other banks including market leader SBI have indicated that they would follow suit.
BHEL down around 2.4% and Bharti Airtel down around 1.6% were other major losers.
Markets will remain closed on Thursday, 12 November 2015 on account of Diwali Balipratipada.
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.
Analysts mostly prefer domestic plays beside select films with foreign exposure.
The Indian rupee also trimmed most of its early gains and was trading at Rs 61.28 compared to its Wednesday's close of Rs 61.31 to the US dollar.
In the broader markets, the BSE Midcap and Smallcap indices were up 0.5% each
Market ended lower for the third straight session led by IT stocks amid downgrade by Citigroup.
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Markets ended tad lower with financials declining the most ahead of RBI policy review tomorrow.
Markets recorded their biggest single-day fall since August 1 amid growth concerns in the euro zone.
The BSE Midcap and Smallcap indices underperformed the largecaps and ended over 1% lower.
The markets had been on an upward trajectory since August 2013.
Select metal stocks rebounded while power stocks extended losses after SC verdict on coal block allocations.
The broader markets underperformed benchmark indices as the BSE Mid-cap and Small-cap tumbled over 2%.
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