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Indian shares rose on Friday on the back of upbeat US economic data, but posted their biggest weekly decline in nearly three months, bruised by a global sell-off earlier this week.
The 30-share BSE index Sensex ended higher by 161.19 points or 0.61 per cent at 26,392.38 and the 50-share NSE index Nifty was up 50.75 points or 0.64 per cent at 8,001.95.
The Sensex touched a high of 26,687.33 and a low of 26,270.17. It has lost 3.22 per cent so far this week, posting its third straight weekly fall.
Similarly, the Nifty touched a high of 8,084.75 and a low of 7,972.85. The index has lost 3.29 per cent so far this week, posting its third weekly decline.
Among BSE sectoral indices, TECK index gained the most by 1.76 per cent, followed by IT 1.52 per cent, infrastructure 1.38 per cent and auto 1.01 per cent. On the other hand, realty index was down 0.49 per cent, followed by consumer durables 0.38 per cent, healthcare 0.3 per cent and banking 0.23 per cent.
Top Sensex gainers were VEDL (+5.7%), ONGC (+5.55%), Bharti Airtel (+4.29%), Bajaj Auto (+3.65%) and GAIL (+3.17%), while the major losers were Sun Pharma (-2%), Lupin (-1.89%), Coal India (-1.00%), TCS (-0.27%) and L&T (-0.24%).
A report by SMC investments and Advisors said: "Asian stocks extended their recovery into the final trading day of the week as investors cheered a second day of gains in Chinese and US markets. Wall Street's more than 2 percent gains on Thursday brought major indices out of correction territory thanks to a strong revised estimate of second-quarter US gross domestic product (GDP).US pending home sales index rose 0.5 per cent to 110.9 in July from an upwardly revised 110.4 in June. Economists had been expecting the index to climb by 1.0 per cent. A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale."
September F&O series
Brokers said widening of positions by participants, following the beginning of September month F&O series and a firm trend in global markets following overnight gains in the US markets after strong economic data, buoyed the trading sentiment.
Besides, sustained buying by domestic financial institutions also supported the rally, they said.
Global markets
European equities opened higher on Friday, having already recouped all their losses from a bruising 8 per cent correction earlier this week, with investors betting on easy central-bank policy to combat a slower growth outlook.
The FTSEurofirst 300 index was up 0.2 per cent at 0712 GMT, with top benchmark indexes in London, Paris and Frankfurt up 0.1 to 0.4 per cent.
Asian shares extended a global rally on Friday after upbeat US economic data calmed sentiment, with Chinese stocks jumping for the second day following a rocky start to the week.
Wall Street rose sharply overnight thanks to revised US gross domestic product data showing the economy grew faster than initially thought in the second quarter - a reassuring sign amid worries over deepening economic woes in China.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.3 per cent. They were poised to gain 0.2 per cent for the week after logging three-year lows as plunging Chinese shares had sent financial markets into a tailspin.
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