Sectorally, the S&P BSE Realty index gained 4.5 percent, BSE Oil & Gas index 3.4 percent and BSE FMCG index was up 2.8 percent.
It was a volatile Friday on D-Street, as both the benchmark indices bounced back from their intraday lows in the second half of the trading session to end the week on a positive note.
The S&P BSE Sensex rose 223 points to 32,424 while the Nifty50 rose 90 points to close at 9,580.
Despite muted trend seen in global peers, Indian markets bucked the trend to close in the green for the third straight day ahead of the March quarter GDP data.
The median forecast from a Reuters poll of economists put annual economic growth at 2.1 percent in the March quarter, around half of the 4.7 percent clocked in the previous quarter.
"Markets have closed on a positive note, after a volatile day of trade, in anticipation of GDP data due out later today. Global cues also were negative, following heightened US-China diplomatic issues, which offset stimulus news and economies opening up," Vinod Nair- Head of Research at Geojit Financial Services said.
"GDP is expected to slow down rapidly in the March quarter and markets will be looking at the associated commentary to understand the course of recovery."
The Nifty rose 6 percent while the Sensex gained 5.7 percent to post their biggest weekly gains since April 6.
Sectorally, the action was seen in realty, oil & gas, FMCG, public sector, and capital goods while selling pressure was visible in IT, telecom, consumer, and power indices.
The broader markets outperformed the benchmarks indices. The S&P BSE Midcap index was up more than 2 percent while the S&P BSE Smallcap index rose more than 1 percent.
Top Nifty gainers included BPCL, Coal India, ONGC, Wipro, and IOC.
Top Nifty losers included Bharti Airtel, Infosys, and Adani Ports which fell more than 2 percent each.Stocks & Sectors
Sectorally, the S&P BSE Realty index gained 4.5 percent, followed by the S&P BSE Oil & Gas index rose 3.4 percent, and the S&P BSE FMCG index gained 2.8 percent.
Selling pressure was seen in IT, which fell 1 percent, followed by the S&P BSE Telecom index fell 0.7 percent, and the S&P BSE Consumer Durables index was down 0.4 percent.
Volume spike was seen in stocks like Wipro, Torrent Pharma, Tata Consumer, Idea Cellular and SBI life.
Long Buildup was seen in stocks like IGL, SBI Life, M&M Financials and JustDial.
Short Buildup was seen in stocks like Tata Consumer, Torrent Pharma, Ashok Leyland and MindTree.
Stocks in news
Vodafone Idea | The share declined 20 percent from the day's high after the company clarified there was no proposal to sell a stake to Google, as was being reported in media.
Wipro | The share price jumped 6 percent after the company appointed Thierry Delaporte as CEO & Managing Director of the company effective July 6, 2020.
Sun Pharma | Sun Pharmaceutical Industries rose almost 4 percent after receiving getting the go-ahead from the Indian drug regulator for clinical trial of a possible COVID-19 drug.
Rain Industries | The share price was up over 3 percent after the company reported a 54.8 percent rise in net profit at Rs 106.52 crore in the quarter ended March 2020 as against Rs 68.81 crore in the same period the previous year.
IDFC First Bank | The stock soared 9 percent after Brickwork Ratings reaffirmed a BWR AA+ rating with a stable outlook for the bank's long-term bank facilities and non-convertible debentures.
The Nifty50 records a bullish candle on the weekly charts.
It closed decisively closed above its near term hurdle of 55-Day EMA placed at 9,518. The daily MACD generated a fresh buy signal following the price action on May 29.
If the Nifty50 trades above 9,400, the momentum could well continue till 9,889, say experts.
But, considering the 600-point gain in the last three sessions, some profit booking can’t be ruled out in the next session, said Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in.
“On the downsides, the initial support can be expected close to 9,376 levels and breach of this can lead to further corrective and consolidation phase in the 9,300–9,100 zone,” he said.Traders should go for fresh buying on a dip close to the 9,400 level, with a stop below 9,370 on the closing basis, he said.