FPIs were sellers of domestic stocks to the tune of Rs 1,405 crore on Thursday.
Sensex and Nifty ended with strong losses after three sessions of gains, succumbing to the challenge of lack of liquidity.
The space to look for contrarian bets will be auto sector, say analysts.
Bank stocks jumped on the expectation of possible transfer of RBI reserve to the government.
Sensex ended 234 points, or 0.60 per cent, higher at 39,131 with 21 stocks in the green.
Sensex ended 160 points, or 0.41% higher while Nifty closed 36 points, or 0.31 per cent, higher at 11,588.
While the market traded in the green, it is too early to say if the gains will sustain.
ACC, Wipro, YES Bank and HDFC Bank will come out with their Q1 numbers in the coming week.
Sensex and Nifty extended their weekly loss into the second week, falling 1.97% and 2.18%, respectively.
A dovish Fed and some short-covering in the recently beaten-down stocks pulled the market higher.
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