The broader market performance, however, is expected to be better by virtue of good performance of state-owned banks on a low base.
It, however, was a record-smashing week for both the indices, which scaled their lifetime highs.
Stick to export-focussed plays, large-caps, say analysts
The banking sector in India is reeling under Rs 8 lakh crore of non performing assets (NPAs) or bad loans, of which PSU banks alone account for over Rs 6 lakh crore.
The NSE 50-share Nifty also closed higher by 61.60 points, or 0.59 per cent, at 10,504.80 after shuttling between 10,513 and 10,441.45.
The UK Crown Prosecution Service said Mallya's appeal to certify a point of law was rejected on all three counts, of hearing oral submissions, grant a certificate on the questions as drafted, and grant permission to appeal to the Supreme Court.
Why doesn't anybody ask the PSU State Bank of India under RTI on how much they are spending on legal fees trying to recover money from me in the UK when I have offered 100 per cent payback in India, asked Mallya.
It was an extremely volatile session, borne out by the Sensex swinging over 1,200 points through the day and the Nifty 369 points.
The BSE Sensex spurted 130.00 points to end at 35,980.93, while the broader NSE Nifty advanced 30.35 points to 10,802.15.
The breadth, indicating the overall health of the market, turned negative. On the BSE, 1,581 shares declined and 1,246 shares fell. A total of 165 shares were unchanged.
In an hour-long chat on rediff.com on Thursday, A K Prabhakar, senior VP and Head -- Equity Research (Retail), Anand Rathi Financial Services Ltd, discussed the best stocks to put the investors' money in.
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.
In the broader market, the S&P BSE Midcap ended 0.1% down, while the S&P BSE Smallcap index gained 0.3%.
'If I had to highlight one area that will do well, it is the financial assets -- that is the private sector banks, insurance and mutual funds.'
Covering-up of pending short positions on expiry of the July derivatives contracts and a strengthening rupee propped up the markets at high levels
Pharma was the top losing index amid worries about their earnings outlook with Lupin down over 4%
'Four times in Indian history, in 1992, 2000, 2007 and now, markets are at 25 times price-earnings.'
Small- and mid-cap stocks continued facing selling pressure due to stretched valuations.
He cautioned however that these are the early signs and one should not start celebrating.
RBI may revise remuneration for banks.
Metals, auto and banking shares were in the limelight in this session; the FMCG pack, however, ended lower.
He said the Finance Minister assured the delegation that the Financial Services Secretary would look into the matter and the settlement process would be expedited.
'Secrecy allowed in the electoral bonds scheme legalises anonymity'
The broader Nifty ended on top of 9,800 again.
There are NPAs on account of the industrial downturn in sectors like steel, infrastructure and power.
Nifty saw the biggest weekly gain since the first week of September and comfortably maintained its crucial 8250 levels in today's session
The session was marked by volatility and stock-specific action, even as the overall sentiment remains risk-averse, brokers said.
Finance Minister Arun Jaitley on Monday presented the Union Budget for 2016-17.
On BSE, 1,826 shares declined and 982 shares rose, while a total of 194 shares were unchanged
At India Economic Convention organised by India Foundation, Parekh said the country needs $1 trillion in the 12th Plan of which 47 per cent was to come from private sector, but it has not happened in the first two years of the Plan period.
'The disease is we have models that are still based on debt and not equity. And banks are singularly not equipped to lend for longer duration projects, which often take 20 years.'
The windfall from RBI may be used to trim borrowing, help fund Rs 3.3 lakh crore capex plan, capitalise banks and provide fiscal stimulus to some stressed sectors, experts and economists said.
On BSE, 1,469 shares fell and 1,200 shares rose. A total of 190 shares were unchanged.
'Businessmen are reluctant to invest because there is a fear that private investors are being targeted by various agencies.'
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
Trai chairman Rajiv Khullar says, India has to pull up its stocks in order to achieve financial inclusion.
Welcoming the launch of the Bharatiya Mahila Bank, India Inc on Wednesday said the initiative will propel women's financial inclusion, encourage female entrepreneurs and empower women in the country.
The breadth, indicating the overall health of the market, turned negative from positive
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.
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