The Bombay Stock Exchange benchmark Sensex extended gains for the fourth straight day Friday rising by 120 points on expectations of better quarterly earnings, especially by market leader RIL, and firming global cues.
The Sensex gained 120.21 points to close at 17,694.20 points. The barometer had gained 173.31 points in the last three trading sessions.
Brokers said market remained in a bullish mood ahead of the quarterly results by Reliance Industries after the market hours on Friday. RIL ended higher by 1.10 per cent. Also, IT major Wipro announced attractive quarter earnings and a bonus issue.
The National Stock Exchange index Nifty regained the psychological 5,300-level by adding 34.75 points to 5,304.10.
Among the 30-index stocks, 15 closed with gains.
Banking stocks attracted heavy buying on hopes of increase in lending growth.
ICICI Bank and HDFC Bank also climbed a day ahead of their earnings, which marketmen believe would be robust.
The government on Friday approved Rs 15,000 crore capital infusion in public sector banks in the current fiscal, a move that will increase the lending capacity of the banks by Rs 1.85 lakh crore.
SBI finished up by 1.48 per cent. OBC, Canara Bank, Federal Bank, IDBI Bank, IOB and Karnataka Bank also finished higher.
The market is now looking for the announcement of monsoon forecast to be announced by Indian Meteorological Department (IMD) late Friday for future guidance, brokers said.
Asian stocks showed a mixed trend with downward bias at close Friday. Indices from China, Hong Kong, Japan and South Korea ended lower on concern over Greece’s deficit and downgrading sovereign rating by Moody’s Investors Service on Thursday while Singapore and Taiwan closed with gains.