Benchmark equity indices ended over half a per cent higher on Friday lifted by buying in private banks counters, pre-budget rally and December quarterly earnings. "In anticipation of a good budget and Q3 result, the pre-budget rally has been solid. For this rally to maintain a lot will depend on the actual outcome of Budget & final Q3 earnings trajectory, the market is turning a bit cautious before the big event," Vinod Nair, Head of Research, Geojit Financial Services said. S&P BSE Sensex jumped 226 points to closed at 41,613, while broader Nifty 50 index settled at 12,248, up 68 points or 0.56 per cent. On the Sensex pack, UltraTech Cement was the top gainer as the company reported an 80 per cent surge in consolidated net profit for the quarter ended December 31.
"It has been a consolidated week for heavyweights due to marginally lower than expected result for IT, Banks and Infra sector, while Mid & Small caps are continuing its positivity in expectation of revival in growth and liquidity from institutional investors," Vinod Nair said.
Among sectoral indices, except for Nifty IT and Nifty Media, all the sectoral indices traded in the green. Nifty Bank index rose 237 points to end at 31,241, led by gains in Yes Bank, Axis Bank and Federal Bank. "Next week will be dominated by Union budget but global cues and Q3 results will also have some impact on the market. Technically, Nifty witnessed a smart recovery from the support zone of 12100-12025 where 12100 was its 50-DMA. It is continuing its higher top higher bottom formation where 12087 is a recent bottom following a previous bottom of 11929," Santosh Meena, Senior Analyst, TradingBells said.
In the broader markets, the S&P BSE MidCap index gained 121 points to end at 15,822.54 while S&P BSE SmallCap index finished 73 points higher at 14,846.