Strong cues from the global markets supported investor sentiment on the domestic bourses on Friday.
The 30-share BSE Sensex was trading up nearly 300 points on Friday morning on the back of strong cues from the international markets. The BSE Sensex was pressured in the last couple of trading sessions on the back of weak investor sentiment in the global markets along with poor-than-expected macroeconomic data within the country.
In early trade, the benchmark Sensex was trading at 28,709.15, up 296.26 points of 1.04% from previous day's close. National Stock Exchange's Nifty was trading up nearly 1% -- 8825.70, up 83.15 (0.95%) from previous day's close.
Asian markets rose on Friday as weak data further dampened the expectations of an interest rate hike from the US Federal Reserve. US August retail sales and manufacturing output fell more than expected, according to data released on Thursday, which pruned the expectations.
US Fed chair Janet Yellen had hinted at a interest rate hike but had made no comment on when it could possibly happen. There were expectations that it may come as early as September, which was weighing on key global markets. An interest rate hike from the US would tighten the liquidity situation around the world.
"Anyone still left calling for a September hike next week from the Federal Reserve must be feeling a bit hot under the collar after further signs of economic vulnerabilities," Chris Weston, chief market strategist at IG in Melbourne, wrote in a note, quoted by Reuters.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4 percent, but was headed for a loss of 2.2 percent for the week.
Japan's Nikkei advanced 0.4 percent, but looked set for a weekly loss of 2.9 percent as worries grew that the Bank of Japan could cut interest rates more deeply into negative territory and adjust its massive asset buying at a policy review on September 20-21, a Reuters report said.
The major gainers on the BSE were United Breweries (8.15%), Den Networks Limited (7.24%), J&K Bank (5.63%), JK Tyres (3.93%).
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