The benchmark BSE Sensex rebounded by 73 points in late morning trade on fresh buying in realty, banking, utilities, power, metal and capital goods sectors.
While, continued selling was also seen in teck and IT stocks.
The BSE Sensex opened higher at 24,637.41 and moved in a range of 24,691.89 and 24,530.43 before quoting 24,690.59 at 1105 hours, up 73.62 points or 0.30 per cent.
The NSE Nifty was also trading higher by 16.55 points or 0.22 per cent to 7,505.65.
The BSE Mid-Cap index and the BSE Small-Cap index was up by 1.02 per cent and 0.97 per cent, respectively.
Major gainers were, SBI 3.66 per cent, GAIL 3.32 per cent, Axis Bank 3.26 per cent, ICICI Bank 2.06 per cent, BHEL 1.47 per cent, Adani Ports 1.33 per cent and Bharti Airtel 1.32 per cent.
However, Tata Motors fell by 1.94 per cent, followed by Infosys 1.36 per cent, TCS 1.25 per cent and Cipla 1.00 per cent.
Meanwhile, Foreign portfolio investors (FPIs) sold shares worth Rs 606.83 crore on Friday, as per provisional data.
In overseas market, Japan’s Nikkei bounced back after early losses as most major Asian markets remained closed for the Lunar New Year holidays.
The rupee depreciated 22 paise to
67.86 against the US dollar in early trade today at the Interbank Foreign Exchange market due to appreciation of the American currency overseas amid a lower opening in the domestic equity market.
Forex dealers said increased demand for the US currency from importers and dollar’s gains against other currencies overseas put pressure on the rupee.
The rupee had ended 6 paise down at 67.64 against the US dollar on Friday on demand for the American unit from banks and importers.
Meanwhile, the benchmark BSE Sensex fell by 44.41 points, or 0.18 per cent, to 24,572.56 in opening trade today.