Mumbai: Defying the global markets, the benchmark Sensex gained over 200 points during the afternoon trade session on Friday as financial stocks gained.
In addition, the sentiments were lifted as the Indian currency strengthened by over 30 paise on Friday to trade at 69.88 per dollar, against the previous close of 70.19 per dollar.
The gains in the domestic currency impacted the export-oriented sectors as IT stocks declined by 1.15 per cent and the Teck sectors lost 0.67 per cent.
Index pivotal finance and banking stocks held firm.
At 1.35 p.m., the Nifty50 traded at 10,727.40, higher by 55.15 points or 0.52 per cent from the previous close of 10,672.25.
The S&P BSE Sensex, which had opened at 35,590.79, traded at 35,725.60, higher by 211.89 points or 0.60 per cent from its previous close of 35,513.71.180.04
So far, it has touched an intra-day high of 35,744.20 and a low of 35,382.08.
Earlier, Chinese factory data along with that of India’s suggested a global growth slowdown, which was further magnified after a weak US factory data outcome.
The latest addition to the worries was tech major Apple’s announcement of cutting its financial forecast, partly blaming US trade tensions with China along with a slowdown in the Chinese economy.
Apple is one of the world’s largest companies by market value and it was the first time years that it sharply cut its growth forecast.