The Indian market started on tepid note on Friday tracking weakness in global peers and rupee, as it touched 71 against the dollar.
While the BSE Sensex started marginally up by 15 points, at 38,704.84, it further slipped lower by 64 points to 38,626 in initial trade. The NSE Nifty 50 began at 11,675.85, down by 0.95 points and later slipped lower by 20 points, to 11,657.
Market, however, soon bounced back to trade higher on sustained buying in pharma, IT, and FMCG counters, in particular. At 9.34 am, the Sensex bounced back by over 121 points to trade higher at 38,812.04. The Nifty 50 too jumped 35 points to trade above 11,711.
Both the Nifty MidCap and BSE MidCap rose well over half a percent mark, after starting mildly higher in the green.
Shares of Wipro, Sun Pharma, Power Grid, Infosys, ONGC, Bharti Infratel, Ideal Cellular, HCL Technologies surged by up to 3.15 percent, while Yes Bank, Reliance, Bharti Airtel, Vedanta, HDFC Bank, BPCL, Vedanta dipped by up to 4 percent.
Barring BSE Energy, all sectoral indices traded positive with teck, consumer durables, IT, healthcare rising over a percent.
On the NSE, pharma rose 2.40 percent, while IT was 1.48 percent higher, while only media and PSU Bank were mildly lower in the red.
Asian markets were under pressure tracking Wall Street losses over concerns that a full-fledge escalation in the trade war between the US and China is close after US president Donald Trump said in an interview that he is ready to move forward with tariffs on additional $200 billion worth of Chinese goods as early as next week.
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First Published: IST