Markets ended on a positive note for the fourth week as the Sensex gained

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14 points to reach 17,554.30 following a sharp rise in IT shares on the back of higher earnings reported by Infosys.

Public sector stocks too ended with gains on renewed support from investors following talks of stake sale in some of them. Small-cap and mid-cap shares also moved up on persistent buying.

However, banking shares became the major losers of the week on fears that the Reserve Bank of India (RBI) might tighten monetary policy due to a likely surge in inflation.

The 30-share barometer Sensex ended higher by 14.01 points or 0.08 per cent to settle at 17,554.30 against last weekend's close of 17,540.29.

The BSE-IT index rose by 446.26 points or 9 per cent after encouraging third quarter results from Infosys, which registered a gain of 8.56 per cent in its share prices.

India's largest software services exporter TCS firmed up by 13.03 per cent, while third-largest IT services exporter Wirpo shot up 9.80 per cent.

The BSE-Small cap index outperformed the Sensex, rising by 272.82 points or 3.14 per cent, while the mid-cap index shot up 104.41 points or 1.50 per cent. The BSE-PSU index vaulted by 204.42 points or 2.10 per cent.

The BSE-Dollex 200 and dollex-100 firmed up by 3.03 per cent and 2.89 per cent, respectively.

However, the BSE-Bankex dropped by 230.28 points or 2.27 per cent followed by the BSE-Metal index, which fell 138.91 points or 0.77 per cent and BSE-FMCG, which lost 51.50 points or 1.81 per cent.

The 50-issue Nifty of the National Stock Exchange (NSE) edged up further by 7.45 points or 0.14 per cent to end the week at 5,252.20 from last weekend's level of 5,244.75.

Index heavyweight Reliance Industries (RIL) rose by 0.66 per cent.

India's largest power equipment maker by sales BHEL lost 2.15 per cent, while the country's largest engineering and construction firm by sales Larsen and Toubro fell 1.52 per cent. Hindalco dropped by 3.84 per cent and Sterlite dipped 3.70 per cent.

Among banks, SBI slipped by 6.25 per cent, ICICI Bank by 3.74 per cent and HDFC Bank by 1.32 per cent.

During the week, the trading volume on the BSE fell to Rs 31,229.62 cr from last weekend's level of Rs 33,023.59 crore, while the NSE improved further to Rs 89,728.33 crore from Rs 87,862.28 crore earlier.