The Indian market began the July series on a strong note with the benchmark Nifty index advancing 125 points to 10714 and the Sensex gaining 386 points to 35,423. Reliance, L&T, HDFC and FMCG majors ITC and HUL were the top gainers.

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The gains could have been more if HDFC Bank had not seen a major fall in last hour of trade ahead of the annual general meeting. The Aditya Puri-led bank slipped 1.4% from day’s high to close 0.9% in the red.

Other major index losers were IndusInd Bank, M&M and Dr Reddy’s. In the broader markets, the Nifty Midcap index gained 337 points to close at 18,181 and the Nifty Bank Index slipped 101 points from highs to close with a mild gain of 0.1%.

The gains helped the market breadth turn in favour of advances with the advance-decline ratio at 3:1 at close, indicating 3 stocks closed higher against one stock falling.

In the futures market, a major addition of open interest was seen in the Put call of 10,600, with the option adding over 12 lakh shares with the premium falling 37%. Amongst call options, the 11,000 call added a little more than three lakh shares in the open interest with premium moving 35% higher. Nifty July Futures closed with a discount of 24 points at 10,690.

On the global front, Asian stocks closed with gains on the last trading day of the quarter, with regional markets turning higher through the session, as China recovered from a recent slump amid worries over trade tensions between Washington and Beijing.

Japanese stocks recovered from earlier declines, with the Nikkei 225 closing up 0.1% at 22,305. Pharmaceutical stocks led the move higher, while major exporters were mostly higher amid extended weakness in the yen.

In South Korea, the Kospi moved back into positive territory, finishing higher by 0.5% at 2,326.13. Most tech plays climbed, with financials also contributing to the gains.

China markets, meanwhile, recovered slightly after coming under pressure in recent sessions. The Shanghai composite index advanced 2.2% to close at 2,848.31 after four straight days of losses and the blue-chip CSI 300 index rose 2.6%.

The smaller Shenzhen composite ended the session up 3.3%. Hong Kong's Hang Seng Index rose 1.6% amid broad-based gains, with the consumer goods and information technology sectors leading gains before the market close. The rebound came after China on Thursday took measures to reduce restrictions on foreign investments in industries, such as banking.

Despite Friday's gains, both the Shanghai composite and Shenzhen composite remained in bear market territory, meaning they have dropped at least 20 percent from recent highs. For the quarter, Shanghai shares are down some 12%.