(RTTNews) - Indian shares ended sharply higher on Friday after a highly volatile trading session.
Benchmark indexes Sensex and Nifty fell over 1 percent in intraday trade, with heavy losses attributed to foreign investor selling due to rising oil prices and a weakening rupee.
Other factors such as rising onshore forward premiums, concerns about valuations and fears about potential delays in interest rate cuts by the Reserve Bank of India (RBI) also weighed on markets, negating the benefits of easing inflation in India.
The turnaround from the day's lows was led by IT stocks as investors braced for a Federal Reserve interest-rate cut next week.
A rally in Bharti Airtel shares also helped key indexes recoup losses after Jefferies included the stock in its top Asia picks for 2025.
The benchmark S&P/BSE hit an intraday low of 80,082.82 and later touched a high of 82,213.92 before ending the session up 843.16 points, or 1.04 percent, at 82,133.12.
The broader NSE Nifty index fluctuated between 24,180.80 and 24,792.30 before closing at 24,768.30, up 219.60 points, or 0.89 percent, from its previous close.
Bharti Airtel shares surged 4.4 percent in the Nifty pack, helping markets stage a strong intraday rebound from the day's lows.
UltraTech Cement, Hindustan Unilever, Kotak Mahindra Bank and ITC all rose around 2 percent.
On the losing side, IndusInd Bank, Tata Steel and Shriram Finance fell 1-2 percent.
