Stock markets extended gains for a second day on Friday following buying in IT stocks and firm trends in the US markets.

The 30-share BSE Sensex climbed 241.86 points or 0.34 per cent to settle at 71,106.96. During the day, it jumped 394.45 points or 0.55 per cent to 71,259.55. The broader Nifty went up by 94.35 points or 0.44 per cent to 21,349.40.

Among the Sensex firms, Wipro jumped over 6 per cent, the most among the frontline companies. HCL Technologies, Tata Motors, Maruti, Tata Steel, Infosys, Tech Mahindra, Larsen & Toubro and JSW Steel were the other major winners.

State Bank of India, Bajaj Finance, ICICI Bank, HDFC Bank, Axis Bank and IndusInd Bank were among the laggards.

Vinod Nair, Head of Research at Geojit Financial Services, "The 'buy on dips' strategy continues to drive investors during the subdued week. Mid and small caps remain in the limelight, benefiting from ease in oil prices and the anticipation of a potential rate cut in CY24, supported by slower-than-expected US GDP growth and weakness in the dollar, signalling early rate cuts."

In the broader market, the BSE smallcap gauge jumped 1.04 per cent and midcap index climbed 0.74 per cent.

Among the indices, realty rallied 2.52 per cent, IT jumped 1.93 per cent, metal (1.92 per cent), teck (1.75 per cent), auto (1.37 per cent) and healthcare (1.25 per cent).

Bankex and financial services were the laggards.

"Overnight gains in the US markets and a sharp upsurge in domestic IT stocks aided sentiment in local indices. Although markets were a bit wobbly, markets stayed in positive territory in the second half as other sectoral stocks from metal, oil & gas, auto and realty pack rallied behind the markets," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

On the weekly front, the BSE benchmark declined 376.79 points or 0.52 per cent and the Nifty dipped 107.25 points or 0.49 per cent.

In Asian markets, Tokyo settled with gains while Seoul, Shanghai and Hong Kong Seoul ended lower.

European markets were trading on a mixed note. The US markets ended in the positive territory on Thursday.

Global oil benchmark Brent crude climbed 1.01 per cent to USD 80.19 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,636.19 crore on Thursday, according to exchange data.

The BSE benchmark jumped 358.79 points or 0.51 per cent to settle at 70,865.10 on Thursday. The Nifty rallied 104.90 points or 0.50 per cent to 21,255.05.