New Delhi, May 25 -- The Indian stock market closed higher on Friday, 24 May, supported by gains in banking heavyweights such as ICICI Bank, HDFC Bank and Axis Bank. However, the upside remained limited as elevated crude oil prices and mounting inflation concerns continued to weigh on investor sentiment and fuel expectations of tighter monetary policy.

The benchmark Sensex advanced 232 points, or 0.31%, to settle at 75,415.35, while the Nifty 50 gained 65 points, or 0.27%, to close at 23,719.30. Broader markets delivered a mixed performance, with the BSE 150 Midcap index edging up 0.11%, while the BSE 250 Smallcap index declined 0.26%.

The Reserve Bank of India intervened to support the rupee, which has been hovering near record lows, p...