Stock Market: Equity benchmark indices—Sensex and Nifty—rebounded strongly on Friday, largely driven by a rally in global markets and buying interest in blue chip stocks. The tech-heavy index, NASDAQ, was up by nearly 3 per cent on Friday.
Rebounding from Thursday's decline, the 30-share BSE Sensex jumped 1,098.02 points to 79,984.24 in early trade. The NSE Nifty surged 270.35 points to 24,387.35.
Nifty Auto was among the best performing sectors, up by more than 1 per cent during early trading hours.
All the 30 Sensex firms were trading in the positive territory. Tata Motors, Tech Mahindra, Mahindra & Mahindra, HCL Technologies, Power Grid, NTPC, Tata Consultancy Services and Reliance Industries were the biggest gainers.
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In the auto space, Ashok Leyland was up by nearly 2.31 per cent on the National Stock Exchange.
In Asian markets, Tokyo, Seoul, Shanghai and Hong Kong were trading sharply higher.
The US markets ended significantly higher on Thursday.
"The sharp rebound in the US markets yesterday indicates that the recession fears were a bit overdone. The latest initial jobless claims came lower-than-expected indicating that the labour market is not loosening as many sceptics feared," said V K Vijayakumar, chief investment strategist, Geojit Financial Services.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,626.73 crore on Thursday, according to exchange data.
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Global oil benchmark Brent crude climbed 0.14 per cent to $79.27 a barrel.
The BSE benchmark declined 581.79 points or 0.73 per cent to settle at 78,886.22 in a volatile trade on Thursday. During the day, it tumbled 669.07 points or 0.84 per cent to 78,798.94.
After a day's breather, the NSE Nifty retreated to settle lower by 180.50 points or 0.74 per cent to 24,117. During the day, it tanked 217.8 points or 0.89 per cent to 24,079.70.
(With inputs from PTI)
