Key benchmark indices were trading on a firm note backed by recovery in global stocks. The barometer index, the S&P BSE Sensex was up 715.42 points or 2.1% at 34,716.57.
Among the sectoral indices on BSE, the S&P BSE Auto index (up 4.11%), the S&P BSE Metal index (up 4.03%), the S&P BSE Realty (up 3.73%), the S&P BSE Oil & Gas index (up 3.08%), the S&P BSE FMCG index (up 2.75%), the S&P BSE Power index (up 2.69%), the S&P BSE Consumer Durables index (up 2.46%), the S&P BSE Bankex index (up 2.37%), the S&P BSE Capital Goods index (up 1.41%), the S&P BSE Healthcare index (up 0.72%) edged higher. The S&P BSE TECK index (down 0.45%) and the S&P BSE IT index (down 0.74%) edged lower.
Overseas, European stocks bounced back, with global sentiment turning more positive after two sessions of sharp losses. In Europe, Italy and the UK remain in the spotlight in terms of political news. While excessive spending concerns continue to weigh on Italy's government, the pressure to strike a European Union withdrawal deal is a big challenge for Britain.
Asia stocks rose on Friday, holding steady after a nine-day losing streak, but sentiment was frail after Wall Street shares crumbled and expectations of market volatility shot up to an eight-month high. Worries about the economic impact of a Sino-US trade war, a spike in US bond yields this week and caution ahead of earnings seasons are all cited as potential reasons behind the selloff, the biggest market rout since February.
US stocks extended losses to finish lower Thursday, as investors continued to fret over rising bond yields and the prospect of higher interest rates.
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