The index, after opening with a steady gain of 22 points at 5,763, displayed volatility in the first half of the trading session. After moving with steady gains for a while in early deals, the markets later plunged into the red, as correction in select old and new economy stocks saw the index slip to an intra-day low of 5,710.

The markets, however, recovered in early noon deals and remained bullish till the end. Buying gained momentum towards the closing hours as gains led by heavyweight, PSU, cement and other old economy stocks lifted the index to an intra-day high of 5,799.

The Sensex finally closed with a gain of 47 points at 5,788. The Nifty also ended firm with a gain of 21 points at 1,841.

While 23 Sensex stocks advanced, three declined on Friday.

Reliance moved up 1.83% (Rs 10) to Rs 566. While ITC added Rs 5 to Rs 1,086, HLL was up 1.13% (Rs 2) at Rs 157.

Bharti flared up 5.79% (Rs 9) to close at Rs 172. While HDFC gained 1.43% (Rs 10) to Rs 677, HDFC Bank closed up a per cent (Rs 3) at Rs 387. Hindalco (up Rs 31 or 2.41% to Rs 1,315) and Reliance Energy (up Rs 31 or 4% to Rs 795) ended with steep gains.

ONGC witnessed buying in the afternoon session, and garnered 3.47% gains (Rs 29) to close at Rs 860. Zee, however, was down a rupee at Rs 138.

While HPCL ended with a steady gain of Rs 3 at Rs 526, MTNL was up 2.21% (Rs 3) at Rs 141. SBI was up a per cent (Rs 3) at Rs 621.

BHEL, however, ended with a loss of 2.25% (Rs 14) at Rs 623.

Grasim shot up 3.98% (Rs 44) to Rs 1,140. While Gujarat Ambuja added 1.68% (Rs 5) to Rs 306, ACC moved up 1.21% (Rs 3) to Rs 265. L&T closed up a tad at Rs 587.

Cipla and Dr. Reddy's clocked a per cent gain each at Rs 1,184 (up Rs 10) and Rs 992 (up Rs 12), respectively. Ranbaxy, however, was marginally down by Rs 2 at Rs 988.

Bajaj, after a mixed outing during the intra-day deals, ended with a marginal gain of Rs 4 at Rs 918. Tata Motors closed up a rupee at Rs 496. Hero Honda, however, finished weak with a loss of 1.26% (Rs 6) at Rs 495.

Infosys dropped 2.10% (Rs 107) to close at Rs 5,000. Wipro also ended at lower levels with a loss of 1.62% (Rs 22) at Rs 1,349. Satyam, however, closed up a rupee at Rs 306.