Key BSE Sensex had closed over 100 points down, while Reliance Industries posted a better-than-expected earnings on Friday after markets shut.
The Sensex recovered by 147 points in early trade on sustained buying by foreign funds and retail investors after Reliance Industries reported better-than-expected earnings and exports rose 1.27% in June. Moreover, good progress in monsoon and mixed Asian markets influenced trading sentiments here.
The 30-share index, which had lost 105.61 points in the previous session, rebounded 146.93 points or 0.52% to 27,983.43 with auto, capital goods, banking, power, realty, oil&gas and metal, trading in positive zone, rising up to 0.89%.
Intraday, it touched a high of 160 points, easing slightly from there.
Similarly, the broader NSE Nifty was quoting 38.90 points or 0.45% higher at 8,580.30. Buying activity gathered momentum after RIL, operator of the world's largest single location refinery complex, reported a 18% jump in June quarter net profit, brokers said. Consolidated net profit at Rs 7,113 crore or Rs 24.1 per share in April-June period was 18.1% higher than Rs 6,024 crore in the same period last fiscal.
Meanwhile, India's exports in June rose 1.27% to $22.57 billion (nearly Rs 15.01 lakh crore), snapping the 18-month downward spiral. Shares of Reliance Industries climbed 1.94% to Rs 1,032.20 in early trade.
Other gainers were Tata Motors, Maruti Suzuki, Bajaj Auto, Asian Paints, Axis Bank, Hero MotoCorp, Tata Steel and SBI. A mixed trend in the Asian region also influenced buying, they said.
Hong Kong's Hang Seng was up 0.16% in early trade, while Japan's markets are closed for a holiday. Shanghai Composite Index, however, fell 0.11%. The US Dow Jones Industrial Average ended 0.05% higher in Friday's trade.
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