The BSE Sensex shut shop at 17,694.20, up 120.21 and NSE Nifty closed at 5304.10, up 34.75 points.
Banking, realty, FMCG, select capital goods and power companies' shares along with heavyweight Reliance Industries supported the markets.
However, selling was seen in telecom, metal and cement companies' shares.
The European as well as Asian cues also helped the Indian markets close green for the week.
4: 30 PM
Nifty turns flat; broader indices outperform
After seeing good trade for the first half of the session, Nifty turned flat with a positive bias and was rangebound. Sensex was also trading in lacklusture mode.
However, broader indices were outperforming the benchamrks with Midcap and Smallcap stocks gaining.
At 2: 40 PM, BSE Sensex was trading at 17,664.92, up 90.93 points, and NSE Nifty was at 5294.80, up 25.45.
FMCG, realty, RIL, L&T and Infy. Selling was seen in telecom, metals, cement, ONGC, Wipro, HDFC, ABB, Siemens, Hero Honda and Sun Pharma were up on buying interest.
Among the largecaps, ICICI Bank surged 2 per cent to become the top gainer. Larsen, PNB, SBI and DLF were other gainers, up 1.3 to 1.6 per cent.
ABB, Sun Pharma, ACC, Hero Honda and Tata Steel were on the losing side, down 1.4 to 1.7 per cent.
Sterlite Technologies, Religare Enterprises, Oriental Bank, UCO Bank and TVS Motor were the midcap gainers, while Indiabulls, Shree Renuka, Jubilant Food, Jet Airways and GSFC slipped.
Among the smallcaps, Guj Amb Exports, Madhucon Projects, Diamond Cables, Ramcoind and Carol Info gained while GMR Industries, Hinduja Foundri, Subhkam Capital, Tilaknagar Industries and Atco Corp dipped.
2: 49 PM
Benchmarks northbound; RIL up 1.5 pc
Both the benchmarks are on a northbound journey on buying in banking, FMCG, realty, capital goods and power companies' shares.
At 12: 20 pm, BSE Sensex was trading at 17,708.04, up 134.05 points and NSE Nifty was at 5302.40, up 33.05 points.
Ahead of its Q4FY10 numbers, Reliance Industries Ltd (RIL) surged 1.5 per cent.
However, the gains were limited by selling in cement and metal companies' shares along with Bharti, Sun Pharma, Hero Honda, ABB and Siemens.
DLF was the top gainer in the Nifty. Among the other largecap gainers were ICICI Bank, Larsen, PNB and Reliance Industries. ABB, Siemens, Sun Pharma, Hero Honda and ACC dipped 1 to 1.7 per cent.
IT major Infosys was up 0.92 per cent. Cigarette major ITC was up 0.38 per cent. Refinery major HPCL was up 1.23 per cent.
The midcap gainers were Religare Enterprises, Sterlite Technologies, Oriental Bank of Commerce, Bank of Maharashtra and BOC India while Honeywell Automation, Indiabulls, Nava Bharat Ventures, JSW Holdings and Shree Renuka lost.
In smallcap arena, Gujarat Ambuja Exports, Ramcoind, Madhucon Projects, Visa Steel and Graphite India gained while Hinduja Foundri, GMR Industries, Subhkam Capital, Atco Corp and Foseco India lost.
12: 38 PM
Mkts open +ve on good quarterly numbers from IT
Gaining strength from the encouraging quarterly numbers posted by IT giants, the Nifty opened the day on a positive note.
At 9:02 am, NSE Nifty was trading at 5296, up 26 points and BSE Sensex was at 17671, up 97 points. The CNX Midcap rose 22 points to 7994 and BSE Smallcap up gained 55 points at 9208.
Banking, auto, realty, technology and select metal companies' shares were also trading in the positive side and supporting the markets.
The indices are also awaiting the numbers of index heavyweight Reliance Industries, which is expected to be released on Friday, Apr 23 evening.
ICICI Bank, Reliance Industries, Wipro, PNB, Ambuja Cements, DLF, Unitech, SAIL, Reliance Communications, Tata Steel and Suzlon Energy were witnessing buying interest.
HCL Tech, ITC and Bharti Airtel were trading marginally lower.
In the midcap and smallcap arena, Escorts, Gujarat Gas and Tata Sponge surged 3.5to 5.5 per cent on quarterly results.
Garden Silk, Alok Industries, Brandhouse, Suven Life Science, Spice Mobile and Provogue were other gainers.
However, Zee News lost 0.5 per cent and Sesa Goa dipped 0.8 per cent.
9: 42 AM