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Shares of BHEL ended 10 percent higher and at another 52-week high, continuing its upward momentum since mid-October when the company signed an agreement with Coal India and NLC India for setting up coal gasification-based plants.

The PSU has now gained over 30 percent this year, even as brokerages like Goldman Sachs express skepticism over the company's path to profitability. The stock had gained nearly 70 percent in 2021.

Sources within the dealing rooms told CNBC-TV18 that a leading FII as well as domestic funds are buyers in the stock, leading to the upmove on Friday.

Moving Towards A New Record

Indian equities ended flat on Friday but recovered from the day's low. The Nifty 50 index closed above the mark of 18,500 and is now less than 100 points away from its previous record high of 18,604.

Dealers indicate that despite the consolidation selective buying continues on the street, particularly within the PSU space. Most PSU Banking stocks ended higher on Friday as well, with their overall market capitalisation crossing the Rs 10 lakh crore mark for the first time ever.

Dealing rooms also believe that the index is set to move towards its record high after this period of consolidation.

Besides BHEL, here are some other stocks that have been part of the dealing room chatter today:

Venus Pipes: Shares of the company ended higher for the fourth out of the last five trading sessions. The stock fell 7.5 percent on Thursday after its pre-IPO lock-in period expired. With the lock-in period now over, dealers are anticipating a large block deal in the stock.

Also Read: The IPO lock-in period of these five companies ends this week

Nykaa: The stock has been in the news throughout the week. Shares ended 3 percent higher on Friday after declining for four straight days. The company's flagship Pink Friday Sale saw over 400 orders every minute, a growth of 40 percent from last year's Pink Friday. However, dealing rooms suggest more top-level exits from the company after CFO Arvind Agarwal quit earlier this week.

Biocon: Shares of the company ended higher after four days of decline. Dealing rooms suggest that FIIs have been buyers in this stock. The company recently entered into a partnership agreement with Zentiva for the commercialisation of the Liraglutide drug in the European market. Liraglutide injection is used in the treatment of Type 2 diabetes and obesity.