Equity benchmark BSE Sensex jumped over 150 points in early trade on Friday and settled after jumping almost 200 points more at 39,067.33 while the NSE Nifty rose also rallied by 112.85 points at 11,754.65.
In the previous session, the BSE bourse slumped 323.82 points, or 0.83 per cent, to close at 38,730.86, while the Nifty declined 84.35 points, or 0.72 per cent, to 11,641.80.
Tata Steel was the biggest gainer in the Sensex pack, rising 4.31 per cent, after the company Thursday reported a rise consolidated revenue to Rs 1,59,089.57 crore, up from Rs 1,24,990.79 crore.
Tata Steel and Axis Bank were among the top gainers in the Sensex pack, surging up to 6.67 per cent following their March quarter results. ICICI Bank, TCS, SBI, RIL, Infosys, HDFC twins, Kotak Bank, HUL, NTPC, IndusInd Bank, Sun Pharma, HCL Tech, Bajaj Finance L&T and ITC were the other gainers, rising up to 3.05 per cent. On the other hand, Tata Motors, Bajaj Auto, Maruti, Bharti Airtel, Coal India, M&M and Vedanta fell up to 2.84 per cent.
Hero MotoCorp and Yes Bank ended up to 0.51 per cent lower ahead of their quarterly earnings. According to traders, fall in crude oil prices and unabated foreign fund inflows have boosted investor sentiment.
Meanwhile, Hero MotoCorp Yes Bank, HDFC AMC and HDFC Life Insurance are among the companies that are scheduled to announce their March quarter results on Friday.
According to traders, investor sentiment was buoyed by firm buying on banking counters. Sustained foreign fund inflows too lifted market mood.
Foreign institutional investors (FIIs) purchased equity worth Rs 3,785.73 crore on Thursday, while domestic institutional investors (DIIs) sold shares to the tune of Rs 4,069.98 crore, provisional data available with stock exchanges showed.
The rupee appreciated 12 paise to 70.13 against the US dollar in early trade and rebounded 25 paise to 70 against the US dollar intra-day. Brent crude futures, the global oil benchmark, were trading 0.24 per cent lower at USD 74.17 per barrel.
Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul were trading on a negative note in early trade.
On Wall Street, Dow Jones Industrial Average ended in the red on Thursday.