The market staged smart rally in the late trade on Friday with the Sensex rising more than 250 points, backed by banking & financials, FMCG and pharma stocks.
Globally investors awaited the outcome of OPEC meeting due later in the day, and also monitor trade developments between the world's largest economies US and China.
The 50-share NSE Nifty strongly closed above 10,800-mark, rising 80.80 points to 10,821.90. The 30-share BSE Sensex rallied 257.21 points to 35,689.60 but the market breadth was in favour of bears. About 1,401 shares declined against 1,159 advancing shares on the BSE.
Global stock markets especially Asian markets came off during the week as investors sold off equities on the back of more serious trade protectionist measures that are likely to have its ill effect on the global growth.
India joined the European Union and China in retaliating against Trump's tariffs on steel and aluminium, raising import duties on U.S. almonds by 20 percent and leveraging its position as the world's biggest buyer of the product.
While some investors still hope Washington and Beijing can work out a deal before July 6, when the first round of U.S. tariffs on Chinese goods as well as retaliatory tariffs by China are due to take effect, others see diminishing hopes of an early compromise.
Worsening sentiment pushed U.S. bond yields lower and triggered profit-taking in the dollar.The 10-year U.S. Treasuries yield fell to 2.910 percent from Thursday's high of 2.950 percent and its three-week high of 3.010 percent touched on Wednesday last week.
As the dollar lost steam, the euro bounced back to $1.1611 after hitting an 11-month low of $1.1508 on Thursday.Across the US markets, the Dow Jones Industrial Average rose 119.19 points, or 0.49 percent, to 24,580.89, the S&P 500 gained 5.12 points, or 0.19 percent, to 2,754.88 and the Nasdaq Composite dropped 20.14 points, or 0.26 percent, to 7,692.82.
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