Indian equities moved higher on Friday afternoon, diverging from weaker global markets. The Sensex rose nearly 800 points as buying in technology, banking and consumer goods shares countered negative signals from Asian indices and U.S. futures.
By 1:20 PM IST the Sensex stood 1.03 percent higher at 77,981.66. The Nifty 50 gained 0.85 percent to reach 24,277.45 after recovering from an intraday low of 24,099.05.
Asian markets declined following disappointing economic data, while U.S. futures pointed to a lower open on concerns over technology valuations.
The Nifty IT index rose 1.78 percent to 29,233.30. Tech Mahindra climbed 3.53 percent, TCS advanced 3.14 percent and Infosys gained 1.76 percent, while Wipro fell 1.40 percent.
The Nifty Bank index increased 0.86 percent to 58,074.60. Kotak Mahindra Bank rose 2.36 percent, ICICI Bank added 1.29 percent and HDFC Bank gained 1.21 percent.
Reliance Industries advanced 1.86 percent and Hindustan Unilever rose 2.10 percent. Hindalco declined 1.32 percent and Tata Steel slipped 0.58 percent.
