Friday, the Indian market bounced back after a correction in the previous session, extending the rally for the sixth week in a row.

Consistent buying by foreign funds and firm global cues on easing concerns about the global economy helped the market rise nearly 3.5% in the afternoon, but considerable amount of profit taking in the last hour of trading amid weekend considerations and worries over an unstable coalition emerging in the middle of an economic slowdown restricted big gains.

While most marketmen believed that a bull market was underway, a section of analysts warned that the market is overbought and requires some degree of consolidation in the near term.

The BSE Sensex opened higher at 11,068 and rose to a high of 11,339 before paring most of its gains to finish at 11,023, up 76 points or 0.69% over the previous close. Likewise, the S&P CNX Nifty rose 15 points or 0.44% to 3,384.

The broader market also recovered in line with the benchmarks. The small-cap index rose 0.57%, the broad-based BSE 500 index gained 0.94% and the mid-cap index added 0.98%. On the BSE, the market breadth was slightly positive, with advancers outnumbering decliners by 1362 to 1194.

Among the top gainers, Larsen & Toubro rallied 4.21%, Infosys advanced 3.86%, State Bank of India gained 3.54%, ICICI Bank added 3.53% and Reliance Infrastructure moved up 2.30%. HDFC, Grasim Industries, Tata Power, Bharti Airtel, ONGC and BHEL were the other top gainers.

Realty stocks led the bounce back on hopes of easing funding concerns for the industry following reports that Unitech has raised $325 million or Rs.1, 625 crore through issue of new shares to qualified institutional investors.

Unitech surged up 21.34%, Mahindra Life soared 10.74%, Parsvnath jumped 8.94% and Sobha Developers gained 2.35%. However, DLF fell 1.75% after the company requested the Ministry of Commerce & Industry for de-notification of four of its nine special economic zones (SEZs) for information technology and information technology enabled service projects.

Banking stocks rose sharply following a rally among their peers in the U.S. overnight after financial services giant JP Morgan's first quarter financial results came in above analyst estimates and amid easing concerns about the world financial sector. Stocks in the IT and capital goods sectors also showed notable gains.

However, metal stocks came under significant selling pressure on profit taking. Hindalco Industries slumped 5.18%, Tata Steel tumbled 4.03% and Sterlite Industries fell 3.12%,

Tata Motors, Sun Pharma, ITC, Maruti Suzuki, Reliance Industries, Jaiprakash Associates, ACC, Wipro, Ranbaxy Laboratories and Hindustan Unilever also ended in the red.

After falling nearly 19% on Thursday, Suzlon Energy rallied 3.29% after the company denied reports that REpower has rejected its prototype wind turbine blades. Power Finance Corporation rose nearly 3% after its net profit rose 32.22% to Rs.390.58 crore for the fourth quarter ended March compared to the corresponding quarter last year.

Orissa Sponge Iron & Steel was locked at the 5% upper circuit limit on reports that market regulator SEBI has given its acceptance to Bhushan Steel for launching an open offer to acquire Orissa Sponge. On the other hand, Bhushan Steel also ended up 2.19%.

NTPC moved down 1.40% on reports that it is scouting for operations and maintenance contracts from old power plants in the U.S. and Europe. Punj Lloyd fell 1.57% despite bagging three orders worth Rs.308 crore from the Bangalore Metro Rail Corporation (BMRC) for construction of eight metro stations.

Zicom Electronic Security Systems added nearly 5% and Gujarat State Petronet ended up 0.37% on execution of block deals on the stock exchanges. Hindustan Zinc advanced 1% after the company hiked prices of zinc by 5% or Rs. 4380 to Rs.87, 600 a tonne and lead by 8.97% or Rs.7, 300 to Rs.88, 600 a tonne.

Munjal Showa rallied 4.73% after the company inaugurated a new plant at Haridwar, Uttrakhand to meet the increasing demand of shock absorbers of the original equipment manufacturers.

UTV Software Communications shed its early gains and closed down 0.69% after Rohinton Screwvala and Unilazer Exports and Management Consultants, promoter groups, revoked a part of the pledged shares.

Unitech topped the traded value with a turnover of Rs.351 crore followed by Reliance Capital (Rs.331 crore), Reliance (Rs.278 crore), Tata Steel (Rs.193 crore) and SBI (Rs. 190.50 crore).

Unitech led the traded volume with trades of around 6.83 crore shares followed by Reliance Natural Resources (1.91 crore), Suzlon (1.66 crore), Cals Refineries (1.44 crore) and HDIL (1.23 crore).

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