Oil retailers were under pressure amid higher crude oil prices. IOC, BPCL and HPCL gained 1-3 percent.
Positive momentum in the market continued for seventh consecutive session on Friday, helping benchmark indices post a healthy performance for the third week in a row.
The market shrugged off Syrian tensions that lifted crude oil prices to around four-year highs. Fall in March CPI inflation and better February industrial output growth boosted sentiment, but profit booking in banking space and caution ahead of Infosys earnings (due post market hours) caused volatility in the later part of the session.
The 30-share BSE Sensex was up 91.52 points at 34,192.65. The Nifty failed to hold 10,500 levels. It ended 21.90 points higher at 10,480.60, rallying five percent in three consecutive weeks.
"The market will react to the Infosys numbers in early trade on Monday. Indications are in favour that the upmove will continue and Nifty test 10,600 in near future," Jayant Manglik, President, Religare Broking, said.
Nikhil Kamath, Co-Founder, Zerodha, believes this upmove is set to continue and recommends gradual adding to long-term portfolios.
Manglik advises keeping hedged positions, considering possibility of volatile swings during the earnings season.
For the week, the Sensex gained 1.7 percent and the Nifty rose 1.4 percent while IT was the biggest gainer among sectoral indices, rising more than 5.5 percent.
Global markets were mixed this week amid geopolitical tensions over Syria and trade wars concerns.
Asian stocks: Japan's Nikkei 225 and South Korea's Kospi rose 0.5 percent each while China's Shanghai Composite fell 0.65 percent. European markets like France's CAC was up 0.4 percent and Germany's DAX gained 0.67 percent while Britain's FTSE was down 0.1 percent at the time of writing this article.
Brent crude oil futures were trading above USD 72 a barrel, up 0.33 percent from Thursday's session.
Back home, the IT index was the biggest gainer among sectoral indices for the second consecutive session, rising a percent on top of the two percent upside in Thursday's session as Infosys is set to kick off the March quarter earnings season today.
Infosys stock gained 0.76 percent, Wipro 2.5 percent and Tech Mahindra 2.87 percent while TCS trimmed gains from over 3 percent intraday to 0.45 percent at close. HCL Technologies was down 1.9 percent despite the acquisition of Actian Corporation for $330 million.
Index heavyweight Reliance Industries was up a percent on acquisition of Artificial Intelligence (AI)-based education platform Embibe for $180 million.
Shares of Titan Company gained a percent on positive management outlook. The company feels the jewellery business will see 2.5x growth in revenue from FY17 levels by FY23 against FY22 earlier. It is also targeting achieving uniform customer price revenue of Rs 50,000 crore by FY23.
HDFC Bank counter was down 0.2 percent. The private sector lender plans to raise Rs 50,000 crore through bonds in the next 12 months to fund its business expansion.
Adani Ports, Eicher Motors, Kotak Mahindra Bank, Vedanta, Indiabulls Housing and Hindalco gained between one and three percent while Bajaj Finserv, SBI and Axis Bank ended down between one and two percent.
Oil retailers were under pressure amid higher crude oil prices. IOC, BPCL and HPCL shares gained between one and three percent.Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.