The benchmark indices rebounded sharply, after two days of downfall. They managed to recover some of their losses on the back buying in most beaten down sectors like infrastructure, metal and banking. Positive European (helped by banking shares) and Asian cues were also being supportive. All these factors helped the Nifty to close the day above 4300 mark.

The markets gained strength in the last half an hour of trade otherwise rest of the day was in consolidation. The 30-share BSE Sensex has touched an intraday high of 14,559.08 and low of 14,179.77, before finishing the trade at 14,521.89, up 1.8% or 256.36 points. The 50-share NSE Nifty closed at 4313.60, up 1.46% or 62.20 points, after seeing a day's high/low of 4326.20 and 4206.70, respectively.

Reliance Industries also helped the markets, gained 0.8%. The company was likely to approach the Supreme Court next week, after the Bombay HC decision in favour of RNRL in the RIL-RNRL gas case, reports CNBC-TV18 quoting sources.

S Naren, Senior VP & Head Equities at ICICI Prudential said, "Today has been a good for the market. I think there are three factors which will guide the moment of the market in the future, one would be monsoon which so far has not been good. The second is crude because we have had a situation where crude has also gone up in line with the market and the third is a Budget. All these three events will become clearer over the next one month and market moves in my opinion would be based on what happens to all these three issues."

However, the whole week was bad for the markets; the Sensex plunged 4.7% and the Nifty lost 5.9% on the back of profit booking in commodities and infrastructure stocks.

Sectoral indices
All sectoral indices ended on a positive note. The BSE Capital Goods Index outperformed other indices, gained 537.30 points or 4.58%, to close at 12,259.94. Realty, Metal, IT and Bank indices went up 1.8-3%.

In the capital goods space, Suzlon Energy was up 10.5%. Punj Lloyd, L&T, ABB, Siemens and BHEL were up 2.8-6%. In the metals pack, Tata Steel and JSW Steel gained 5.5-5.8%. Jindal Steel, Jindal Saw and Sterlite went up 3-4%. Hindalco and SAIL gained 0.3-0.5%.

Banking stocks like PNB, Axis Bank, HDFC Bank, ICICI Bank and SBI moved up 1-3.4%. In the realty space, Indiabulls Real, Unitech, HDIL, Mahindra Life, DLF and Omaxe were up 1-6%.

Auto stocks like Ashok Leyland and Tata Motors ended with 5% gain. Maruti Suzuki and Hero Honda went up 1% each while M&M fell 0.55%.

In the technology space, Infosys was up 2.88% and HCL Tech gained 1.56%. Wipro and TCS closed 0.8% and 0.3% higher, respectively.

Among the power stocks, Reliance Infrastructure was up 5%. Torrent Power, GMR Infra and GVK Power gained 1.8-2.9% while NTPC, Power Grid Corp, Reliance Power, CESC and Tata Power fell 1-2.2%.

In the oil & gas space, Cairn India and HPCL were up 2.65% each. Reliance Industries, Reliance Petroleum, BPCL and IOC gained 0.2-0.7% while ONGC declined just 0.23%.

There was a bit of dip in volume; total traded turnover stood at Rs 1,04,153.24 crore as against Rs 1,11,911.92 crore on Thursday. This included Rs 18,614.30 crore from NSE cash segment, Rs 79,597.86 crore from NSE F&O and the balance Rs 5,941.08 crore from BSE cash segment.

Among the broader indices, the BSE Midcap Index was up 1.68% or 81.87 points, to 4,958.73 and the Smallcap Index rose 0.82% or 45.52 points, to settle at 5,617.96.

The market breadth was marginally positive; about 1395 shares advanced while 1380 shares declined on the BSE. Nearly 374 shares remained unchanged.

Global cues
At the time of closing of Indian equities, European markets were trading positive led by banks. The FTSE 100 was at 4,358.34, up 77.48 or 1.81% and the CAC 40 was at 3,230.74, up 36.68 points or 1.15%. The DAX rose 15.73 points or 0.33%, to 4,853.21.

Among the US futures, the Dow Jones futures gained 38 points at 8,531 and the Nasdaq futures rose 13 points, to 1,462.50.

Asian markets ended higher. Jakarta Composite rose 2.02%. Straits Times and Taiwan Weighted gained 1.4-1.6%. Hang Seng, Shanghai Composite and Nikkei went up 0.8-0.9%. Seoul Composite was up 0.55%.