Earnings take center stage, Rites near 52-week high: What kept dealers busy on Friday?

Benchmark indices ended 1 percent lower for the week despite Friday's up move. Financials led the market on Friday with the Nifty Bank ending with gains of over 2 percent. The NSE Nifty 50 index close near the 17,200 mark.

Dealers believe that the gains in financials was due to a bout of short covering. Another sector that saw short covering on Friday were the technology names. Flows have been mixed on the FII desk.

Earnings season, which began this week will gather more steam from the next one and that will continue to dominate the near-term market movement.

Dealers suggest that the Nifty closing above the mark of 17,400 will trigger further short covering in the market.

Adani Enterprises: Shares of the latest entrant in the Nifty 50 index are down 7 percent since it became part of the index earlier this month. Dealers say that the stock has been consolidating post the index inclusion and some investors attended a presentation of the company's Airports business, which took place on Thursday.

Ganesha Ecosphere: The pet bottle recycling company hit a 52-week high in intraday trade today and gained over 10 percent this week. The stock has been in the news ahead of a new plant visit it has organised for investors and analysts between Friday and Monday. The stock is up over 40 percent this year.