Sensex closes 105 points higher; IT, banking stocks jump

Mumbai: The Indian stock market's benchmark Sensex closed 105 points higher in a volatile session on Friday led by good buying support in IT and banking stocks.

The 30 stock S&P BSE Sensex rose 104.92 points or 0.18 per cent to 59,793.14 points against its previous day's close at 59,688.22 points. Markets witnessed volatile trading. The Sensex started the day sharply higher at 60,045.75 points and surged to 60,119.80 points in the early morning trade. The Sensex briefly slipped in the red in the afternoon session falling to a low of 59,634.39 points in the intra-day.

This is the second consecutive day of the rally in the market. The Sensex had gained 659.31 points or 1.12 per cent on Thursday.

The broader Nifty 50 of the National Stock Exchange rose 34.60 points or 0.19 per cent to 17,833.35 points against its previous day's close at 17,798.75 points.

Earlier, the Nifty started the day sharply higher at 17,923.35 points and touched a high of 17,925.95 points in morning trade. The Nifty slipped to a low of 17,786.00 points in the intra-day. The Nifty had gained 174.35 points or 0.99 per cent on Thursday.

There was good buying support in banking and IT stocks. IndusInd Bank jumped 2.60 per cent to Rs 1136.90. State Bank of India soared 1.61 per cent to Rs 553.45. Axis Bank rose 0.64 per cent to Rs 784.85.

Tech Mahindra surged 3.32 per cent to Rs 1126.55. Infosys soared 2.43 per cent to Rs 1511.85.

HCL Technologies, Maruti Suzuki, TCS, Wipro, Hindustan Unilever, ICICI Bank and ITC were among the major Sensex gainers.

There was selling pressure in auto, metal, infra and energy stocks. Mahindra & Mahindra slipped 1.41 per cent to Rs 1302.60. UltraTech Cement fell 1.94 per cent to Rs 6784.05.

The index heavyweight Reliance Industries Limited closed 0.64 per cent down at Rs 2568.60.

Other major Sensex losers were: L&T, Bajaj Finance, Bajaj Finserv, Power Grid Corporation and Sun Pharma.