Market witnesses biggest weekly gain in Bank Nifty in 10 years

The market on Friday closed on positive sentiments with the Sensex up 39.49 points at 24646.48, and the Nifty up 9.75 points at 7485.35.

In absolute terms, the Bank Nifty posted biggest weekly gains in 10 years.

Shares such as BHEL, SBI, Coal India, Tata Motors and Cipla were top gainers while Sun Pharma, Wipro, Maruti and Reliance were losers in the Sensex

Weakness in the price of crude oil continued in the short-term with a little possibility to recover after 11-year low to USD 55 per barrel from the current USD 34 in 12 months, following gains in the latter half of 2016.

The oil market is still oversupplied in the first half of 2016 after supply expanded 2.7 percent in 2015. Prevailing market surpluses require accelerated supply curbs to rebalance the oil markets.

Nifty Bank recovered more than 300 points from day's low as all banks stocks were in green. SBI (up over three percent) and HDFC Bank (up over one percent) rebounded. ICICI Bank extended upside, rising 2.5 percent.