Indian markets opened the day higher, after most Asian markets were seeing strong gains, even as Dow Futures pointed to higher openings for the US Markets.
The Sensex was trading with gains of nearly 300 points, while the Nifty was higher by nearly 96 points in trade.
Reports that there maybe a fresh round of investments in Jio, pushed share price of Reliance Industries higher. The stock was up nearly 1 per cent in trade.
Shares in state-owned MOIL were up nearly 2 per cent after the company posted a net profit of Rs 1.88 crore for the quarter ended June 30, 2020.
Banking stocks which had seen a sharp fall on Thursday managed to recover lost ground and were trading higher. Among the winners were ICICI Bank, Axis Bank, Yes Bank and IndusInd Bank.
Zee Entertainment was higher even after reports that the company would be out of the Nifty after it would be replaced by SBI Life Insurance. The stock gained nearly 1 per cent in trade.
Among the early winners from the Nifty were stocks like Power Grid Corporation, Hindalco, SBI, Tata Motors and Tata Steel.
Meanwhile, most Asian markets were trading with gains led by the Japanese Nikkei and the Hong Kong's Hang Sang.