The benchmark index advanced in the last trading session before the budget as investors bought into banking and capital goods stocks. The Sensex closed at 14,913, up 254 points, in a volatile session, after trading between 14,945 and 14,552.

“The Budget is likely to be pro-reforms. PSU banks, steel and cement are the sectors to watch out for post budget,” said Subramanyam Pisupati, President, Ventura Securites.

Banking, capital goods and power stocks led the gains in today’s trade. The BSE banking index rose 2.2 per cent on buying in PNB, OBC and ICICI Bank. The stocks rose more than 3 per cent each.

The BSE capital goods index advanced 1.9 per cent and the BSE power index gained 1.8 per cent. In the capital goods space, L&T, Thermax and Suzlon Energy were the prominent gainers.

Among the rail infrastructure stocks, Titagarh Wagons fell 5 per cent to Rs 416 on the NSE. Bharat Earth Movers dropped 4.8 per cent and Kalindi Rail Nirman shed 5 per cent. 

In the Sensex pack, 25 stocks gained while 5 counters ended lower. HDFC was the biggest gainer in the pack. The stock plunged 7.7 per cent to Rs 2,586. Tata Steel, M&M and Reliance Infra were the other gainers in the group, up over 3 per cent each.

“On Monday, the markets are likely to stay range-bound followed by some profit booking later in the day,” said independent investment advisor Sanjeev Bhasin.

Among other stock indicators, the BSE small cap index ended 0.4 per cent higher while the CNX mid cap index rose 0.7 per cent.

Most Asian markets fell on Friday as a weaker-than-expected US jobs report signaled more pain ahead for the world's largest economy. Japan's Nikkei 225 stock average dropped 60.08, or 0.6 percent, to 9,816.07, and Hong Kong's Hang Seng closed up 25.35 points, or 0.1 percent, to 18,203.40 after trading in the red most of the day.