Markets rebound as IT, auto stocks shine; post weekly loss

Equity benchmark BSE Sensex overcame a weak start to end nearly 100 points higher on Friday, led by auto, IT and finance stocks, even as global markets dived after US announced fresh tariffs on Chinese imports.

Sentiment received a leg-up after reports said the Prime Minister's Office and the finance ministry have held talks on the issue of tax surcharge on FPIs.

The 30-share BSE Sensex rose 99.90 points or 0.27 per cent to settle at 37,118.22. Similarly, the broader NSE Nifty gained 17.35 points or 0.16 per cent to end at 10,997.35.

On a weekly basis, the Sensex lost 764.57 points or 2.01 per cent, while the Nifty declined 286.95 points or 2.54 per cent.

Global markets tanked after US President Donald Trump on Thursday announced that the US will impose 10 per cent levy on USD 300 billion worth Chinese imports, which Beijing vowed to retaliate.

Mortgage lender HDFC climbed 1.75 per cent on Friday after the company reported a 46 per cent rise in standalone net profit to Rs 3,203.10 ...