The Indian market recovered a bit around noon on Friday, led by financials, consumer and auto stocks, but IT and capital goods dragged indexes. Benchmark indices traded with minor gains with the Sensex up by more than 150 points, at 35,672.90 at 12.48 pm. The Nifty was at 10,722.50, up by 50 points.

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Broader markets outperformed with the Nifty MidCap trading higher by 0.33 percent. The BSE MidCap was also up by 0.30 percent.

As many as 35 sectors advanced, led by Nifty PSU Banks which rose 1.38 percent. BSE Telecom was the other major gainer with 1.23 percent surge. Nifty IT, BSE IT, BSE Teck and BSE Consumer Durable were among 8 declining sectors.

Shares of Bharti Airtel, Tata Motors, Axis Bank, ONGC, BPCL and SBI were among major index gainers, rising by up to 2.76 percent.

Infosys, Tata Consultancy Services, Tech Mahindra, HCL Technologies, IndusInd Bank, Hindustan Unilever and L&T dipped by up to 1.73 percent.

The rupee traded at 69.86 per US dollar at 12.20 pm. Indian rupee gained 27 paise a dollar in the opening session on Friday, starting at 69.97.

The home currency had slipped for the second straight session on Thursday, losing 2 paise to close at 70.20.

Asian markets were largely higher except Japan's Nikkei which fell 2.26 percent. The Japanese markets opened after a long New Year holiday and started sharply lower, pricing in equity sell-off in Asian peers and global markets.

Hong Kong's Hang Seng surged 1.55 percent, while South Korea's Kospi surged well over half a percent mark.

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