The Sensex closed the day higher by 61 points, while the Nifty ended the day higher by 14 points. Stocks that rallied in trade were private sector banking names like ICICI Bank and HDFC Bank. However, PSU banking stocks had a bad day in trade with scams and bribery charges continuing to unfold.
Indian Overseas Bank fell after reports that the The Mumbai Economic Offences Wing on Thursday had busted a largescale banking racket amounting to Rs 1000 crore involving multiple persons who conspired to perpetrate widespread fraud at IOB, Dena Bank and Oriental Bank of Commerce, as well as some other banks.
DLF continued to slump for a second day in a row after a leading brokerage downgraded the stock after the company was asked to cough up a huge fine.
Jindal Steel was lower on worries over the recent decision by the Supreme Court on coal block allocations. Tata Steel and Hindalco were the other metal stocks that ended the day lower. Bhushan Steel continued to be locked at the upper end of the circuit filter for another day.
Meanwhile, markets in Asia ended the day mixed, while European markets were trading marginally lower today.