Both benchmark indices - Sensex and Nifty - recorded their third straight weekly gains by rising 298.61 points and 97 points, respectively.

However, most Asian markets ended lower after a rout in tech stocks, tracking a hefty sell-off on Wall Street, while the dollar hit a 16-month peak on safe haven bets amid China-US trade war worries.

Benchmark Sensex rallied 310 points to reclaim the 35,000-mark in the opening trade of the special Muhurat session on Wednesday to mark the beginning of Hindu Samvat year 2075.

The benchmark Sensex has gained 2,407.56 points, or 7 per cent, in the Hindu Samvat year 2074, while the broader NSE Nifty rose by 319.15 points, or over 3 per cent.

The Sensex fell below the 35,000-level to touch a low of 34,811.60 due to heavy selling pressure in view of foreign capital outflows and weak global cues.

Market commenced the session on a strong footing on easing concerns around the rift between the government and RBI. However, emergence of profit-booking at every rise reversed early gains.