After tumbling over 3.5 per cent in the early deals, the benchmark indices made a sharp comeback to end 0.7 per cent higher.
The 30-share Sensex rose 1,432 points from intraday’s low and settled at 33,781. Similarly, Nifty 50 managed to jump over 400 points from day’s low to close the session at 9,973.
The rupee opened weak at 76.10 at the interbank forex market, but recouped most of the losses and finally ended the day at 75.84 against the US dollar, down 5 paise over its last close.
It had settled at 75.79 against the US dollar on Thursday.
A slump in global shares extended to its fourth day running on Friday and oil tumbled over growing concerns that a resurgence of coronavirus infections could stunt the pace of recovery from lockdowns.
MSCI’s 49-country index of world stocks slipped 0.5 per cent to an 11-day low, while MSCI’s broadest index of Asia-Pacific shares outside Japan sank 1.3 per cent.
In Europe, the STOXX 600 Index swung between gains and losses after opening and was last down 0.6 per cent, extending a run of losses to five days in a row.