Indian equity benchmarks, Sensex and Nifty overcoming a choppy start, mustered gains for the second straight session on Friday, propped up by banking, FMCG, and pharma stocks, but closed lower for the week as the surging Delta variant cases sapped risk appetite globally.

The 30-share BSE Sensex ended 138.59 points or 0.26 per cent higher at 52,975.80. The broader NSE Nifty advanced 32 points or 0.20 per cent to finish at 15,856.05.

ICICI Bank topped the Sensex gainers' chart with a jump of 3.18 per cent ahead of its results on Saturday. ITC, SBI, HCL Tech, Axis Bank, Bajaj Finserv, Tech Mahindra, and Sun Pharma were among the other winners, advancing up to 2.56 per cent.

On the other hand, L&T, HUL, Reliance Industries, NTPC, Asian Paints, and HDFC Bank were the prominent losers, dropping up to 1.80 per cent.

During the week, the Sensex declined 164.26 points or 0.30 per cent, while the Nifty slipped 67.35 points or 0.42 per cent.

The markets today witnessed a bumper listing of one of the most awaited IPOs in recent history, Zomato. The exuberance though was not broad-based, the market breadth remained negative for the day. The weekly trend too remained marginally negative as all the major market cap-based broader indices closed marginally in the negative for the week.

"The strong show of IT stocks continued whereas slippages in reported asset quality and expectations of rising NPA risks dragged down the banking stocks. The expected rise in NPAs may have broader market implications as it exposes the pandemic-caused vulnerability of both household as well as corporate balance sheets," said Joseph Thomas, Head of Research at Emkay Wealth Management.

Vinod Nair, Head of Research at Geojit Financial Services, said, "Domestic indices continued to advance ahead tracking rising global risk appetite and higher domestic inflows from local investors."

"Earnings season continued to pump in optimism in India and global markets while the Fed is set to deliberate their easy-money policy in the meeting ahead. Attractive IPOs, banking, and realty stocks attracted domestic buyers while mid and small-cap traded mixed," he added.

Sectorally, BSE realty, bankex, FMCG, finance and metal indices rose as much as 1.46 per cent, while capital goods, industrials, telecom and consumer durables fell up to 0.85 per cent.

Broader BSE midcap and smallcap indices ended on a flat note.

Global equities were mixed as investors digested a slew of earnings and macroeconomic data.

Elsewhere in Asia, bourses in Shanghai and Hong Kong were in the red, while Seoul ended with gains.

Equities in Europe were trading on a positive note after the European Central Bank reiterated its dovish stance.

Meanwhile, international oil benchmark Brent crude declined 0.01 per cent to $73.78 per barrel.

The Indian rupee pared early losses to close 6 paise higher at 74.40 against the US dollar on Friday.

Foreign institutional investors offloaded shares worth Rs 247.59 crore, as per exchange data.