New Delhi: Markets closed higher on Friday led by gains in banking and power stocks amid a rebound in global markets.

The BSE Sensex jumped 214.33 points or 0.56 percent to close at 38,434.72 while the NSE Nifty finished higher by 59.40 points or 0.53 percent to 11,371.60.

Major gainers in the Sensex pack were NTPC, Asian Paint, Powergrid, HDFC Bank, Nestle, Sun Pharma, SBI, Axis Bank, Ultrachem, HDFC, Tech Mahindra and ICICI Bank, rising upto 4.75 percent. On the other hand, major losers were ONGC, Bharti Airtel, Tata Steel, RIL, Infosys, HCL Tech, LT, TCS, Bajaj Finserve, Bajaj Finance, M&M and Maruti, falling upto 1.34 percent.

During the week, the Sensex advanced 557.38 points or 1.47 per cent, while the Nifty climbed 193.20 points or 1.72 per cent.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul ended in the green. Stock exchanges in Europe were also trading in the positive terrain in early deals.

Global oil benchmark Brent crude was trading 0.71 per cent lower at USD 44.58 per barrel.

In the previous session, the Sensex closed at 38,220.39, down 394.40 points or 1.02 per cent, while the broader Nifty slumped 96.20 points or 0.84 per cent to finish at 11,312.20.

Exchange data showed that foreign institutional investors sold equities worth Rs 268.46 crore on a net basis on Thursday.