New Delhi,  India's key equity indices -- Sensex and Nifty -- started financial year FY23 on a positive note, keeping their early gains intact to close the Friday session in the green.

Sensex settled 708 points, or 1.2 per cent, up at 57,277, whereas Nifty was 206 points, or 1.2 per cent up, at 17,670.

"The stock market kicked off FY23 on a positive note. It started the day muted and in line with global markets but strengthened as the day progressed as the broad market picked up and buying increased in sectors like banks, power and realty," said Vinod Nair, Head of Research at Geojit Financial Services.

The outcome of the Reserve Bank of India's upcoming monetary policy meeting next week would be the major factors that will dictate the market outlook, he added.

On the stock-specific front, power producer NTPC was the top Nifty gainer, up 5.8 per cent from the previous close. BPCL, Power Grid Corporation of India, indusind Bank, and HDFC were the other few top gainers.

On the other hand, Hero Motocorp, Tech Mahindra, Divi's Labs, SBI Life, and Dr Reddy's were the top five losers among the Nifty 50 companies, NSE data showed.