"Private banks witnessed a fatigue week although the sector witnessed improvement in business along with better asset quality," said Vinod Nair.
The Nifty PSU Bank index advanced 1.45%, followed by the Nifty Pharma index jumped 0.72% and the Nifty Media index rose 0.63%.
Major sectoral indices on the NSE were trading in the red with the Nifty Metal index tanking 1.84%.
Sensex ended at 61,143.33, down 206.93 points or 0.34%, while Nifty closed 57.45 points or 0.31% lower at 18,210.95
The market breadth was in the favour of the bulls as 1,659 shares advanced compared to 591 declining while 98 remained unchanged.
Sensex closed at 61,350.26, up 383.21 points or 0.63%, while Nifty ended 132.20 points or 0.73% higher at 18,257.60
The market breadth was positive as 1,782 shares advanced while 634 declined and 89 remained unchanged.
On the sectoral front barring banking & financials, all other indices ended with losses.
The threat to the bulls is likely to come from the FIIs who have turned into sustained sellers.
F&O expiry, Q2 earnings, IPOs will dictate the trend of the stock market in the forthcoming week