The Sensex closed the week on a positive note headed by PSU, real estate, metal and banking scrips. Broader markets also backed the overall market growth.

The 30-share index belled the day on a positive note as reactions were upbeat on administration's plans to divest stake in PSUs.

But the stock market became volatile as a clash restarted between the bears and bulls. At last, bulls won the battle and aided stock indices close above psychological markets.

The BSE Midcap index surged 2.27% and BSE Smallcap index remained up by 2.24%.

Among the sectoral indices, BSE PSU gained 3.91%, Realty surged 2.81%, Metal zoomed 2.03% and Bankex increased 1.75%. The BSE FMCG lost 0.95% and Auto was down by 0.06%.

The Sensex marked its closure at 16,158.28, up 94.38 points or 0.59 per cent. It hit an intraday high of 16,283.86 and an intraday low of 16,075.19.

On the other hand, National Stock Exchange's Nifty closed at 4796.15 after gaining 30.6 points or 0.64 per cent. Nifty hit a high of 4,836.20 and a low of 4,764.85 during the day.

Mr. Praveen Kumar, technical analyst, ULJK Securities said, "Nifty has a stiff resistance around 4850 level (50% retracement level), a breach above this level can push the index to 20 DMA level of 4931. However on the downside, support is around 4730 & 4700. Sector specific, pharma, auto and technology look very strong. In pharma, Ranbaxy, Dr. Reddy's Laboratories are attractive while Tata Motors & M&M are best bets in auto space. We are bullish on Wipro and Infosys in technology space."

The major gainers in the Sensex included Tata Steel, Rel Capital, ICICI Bank, Maruti Suzuki and Ranbaxy Labs.

The top losers list comprised Ambuja Cements, ITC, HUL, Tata Power and Wipro.