The Sensex edged higher on Friday to touch two-year high, posting its strongest weekly performance since the end of November, as oil companies such as Oil and Natural Gas Corporation rose on hopes a proposed change in the government's pricing formula would boost gas prices.
Software services exporters such as Tata Consultancy Services also rose on expectations upcoming October-December earnings results would beat expectations and that the sector would guide for an improved outlook in 2013.
Infosys will kick off earnings on January 11, at a time when results are gaining particular relevance given some analysts worry about potential complacency after strong gains in 2012 have continued into the new year. India VIX , also considered by some investors as a fear gauge, is just 2.5 per cent away from its all-time lowest close.
The benchmark BSE index rose 0.1 per cent, or 19.30 points, to end at 19,784.08, marking a fourth consecutive session of gains. The index rose 1.74 per cent for the week, its strongest weekly performance since the end of November. The broader NSE index rose 0.11 per cent, or 6.65 points, to end at 6,016.15, closing above the psychologically important 6,000 level for a second day. It rose 1.8 per cent for the week.