Indian shares surged in late trade on Friday on the back of gains in private banks and metal stocks, with ICICI Bank Ltd climbing to a record closing high. The broader NSE index ended 0.97 percent higher at 11,754.65, while the benchmark BSE index closed up 0.87 percent at 39,067.33. Both indexes ended nearly flat for the week. ICICI Bank jumped 3 percent and was the top boost to the indexes, while Axis Bank Ltd rose 2.6 percent after reporting solid results for the fourth quarter.
Tata Steel Ltd, up 6.8 percent, saw its best day in nearly two years after the steelmaker beat expectations for quarterly profit. The stock was the top gainer on the indexes and drove the Nifty Metal Index 1.9 percent higher. IT bellwethers Tata Consultancy Services Ltd and Infosys Ltd climbed 1.3 percent and 2 percent, respectively.
The stock market swung between gains and losses this week as corporate results trickled in, while a spike in oil prices pressured shares and the rupee. "Better-than-expected results from UltraTech Cement and Tata Steel indicate that pessimism on industrial growth is overdone," said Sanjiv Bhasin, executive vice-president, markets and corporate affairs, India Infoline.
Tata Steel's rival JSW Steel Ltd climbed 4.3 percent in its sharpest intraday gain since Feb. 12. Axis Bank Ltd shares rose 3.3 percent after the private-sector lender reported an improvement in asset quality. Morgan Stanley said big asset-quality worries were likely over for the bank.
Maruti Suzuki India Ltd fell for a sixth straight session, capping the market's gains. The stock fell 2.3 percent to its lowest in nearly a month on Friday, a day after the carmaker posted a drop in quarterly profit and forecast a weak year ahead.