Besides, a higher closing at other Asian markets and a better opening in European markets influenced trading sentiments, brokers said.
The 30-share index opened higher and quickly regained the crucial 28,000-mark in afternoon trade to hit the day’s high of 28,071.16 on optimism over rate cut by the Reserve Bank of India.
However, profit-booking in banking counters dragged down the benchmark below the 28,000-mark and settled 148.15 points, or 0.53 per cent higher at 27,957.50.
The gauge had scaled the 28,000-mark after a gap of nearly one month as the last time Sensex traded above this mark was on April 23.
On a weekly basis, the Sensex rose by 633.50 points, or 2.31 per cent, extending its winning streak to third straight week.
Meanwhile, SBI shares, after surging over 5 per cent on the back of 23 per cent jump in standalone net profit in Q4, succumbed to profit-booking at higher levels and ended 2.38 per cent down at Rs 282.45.
ITC Ltd ended higher by 0.34 per cent to Rs 328.45 after soaring to the day’s high of Rs 333.20 ahead of Q4 earnings.
Major gainers among the 30 Sensex stocks were HDFC Ltd, TCS Ltd, Sun Pharma, ONGC, L&T, BHEL, Tata Motors, RIL, GAIL, Coal India, Dr Reddy, Bajaj Auto, NTPC and M&M.
In the 30-Sensex constituents, 17 ended higher and 12 finished lower. ICICI Bank closed steady at Rs 313.40.
Sector-wise, BSE IT index gained the most by rising 0.91 per cent, followed by Healthcare (0.86 per cent), Capital Goods (0.78 per cent), Oil & Gas (0.60 per cent), Teck (0.60 per cent), FMCG (0.37 per cent), Auto (0.27 per cent) and Power (0.17 per cent).
PTI