After facing disappointment in the past five sessions, equity benchmark indices Sensex and Nifty saw a decent performance, pushed by energy, banking and metal stocks.
The bounce back can also be attributed to renewed optimism surrounding a potential India-US trade deal. US President Donald Trump's new ambassador to India, Sergio Gor, said that no country is as essential as India to the United States, and asserted that both sides are actively engaged to firm up a trade deal.
However, escalating geopolitical tensions and unrelenting foreign fund outflows capped the sharp gains, traders said.
In today's market session, BSE Sensex climbed 301.93 points to settle at 83,878.17. During the morning trade, it tumbled 715.17 points, to 82,861.07, breaching the 83,000 level. NSE Nifty edged higher by 106.95 points to 25,790.25. The benchmark tanked 209.9 points to 25,473.40 in morning trade.
The session began on a cautious note, but sentiment improved sharply in the latter half of the day after optimistic remarks from US Ambassador Sergio Gor, as the market staged a strong recovery.
From the 30-Sensex firms, Tata Steel, Asian Paints, Trent, State Bank of India, Hindustan Unilever, UltraTech Cement, ICICI Bank and Bharti Airtel were among the gainers. On the other hand, Infosys, Bajaj Finance, Bharat Electronics, Larsen & Toubro and HDFC Bank were the laggards.
In his arrival speech, Gor also announced an invitation to New Delhi for a US-led strategic alliance, known as 'Pax Silica' on critical minerals and artificial intelligence.
As per PTI, Foreign institutional investors offloaded equities worth Rs 3,769.31 crore on Friday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 5,595.84 crore.