The Indian equity market opened higher on Friday amid a recovery in the global markets as investors clutched at hopes China could contain the coronavirus. Domestically, investors await the Economic Survey to be released later today, as well as the Union Budget due on Saturday.

Share Market Live

NSE

Banks traded higher in the opening session supported by the gains in Kotak Mahindra Bank, SBI, YES Bank and IndusInd Bank.

The Sensex opened 205.67 points or 0.50 percent higher at 41,119.49 while the Nifty50 index opened at 12,099.50, up 63.70 points or 0.53 percent. Broader markets edged higher, with Nifty Smallcap100 up 0.48 percent and Nifty Midcap100 index rising 0.39 percent.

Nifty Bank's constituents reported the highest gains in the opening session while Nifty IT traded in the red.

Kotak Mahindra Bank, IndusInd Bank, Zee Entertainment, Hero MotoCorp and Mahindra & Mahindra were the Nifty50 top gainers while Power Grid Corporation, Wipro, ONGC, HCL Technologies and Tata Motors remained the top losers.

The share price of Kotak Bank surged over 6 percent intraday after the lender said that it will withdraw a case against the Reserve Bank of India after a climbdown from the central bank on promoter shareholding caps.

Meanwhile, Wipro's shares fell over 2 percent intraday after the company announced that its Chief Executive Officer (CEO) Abidali Neemuchwala resigned citing family commitments.

In Asia, share markets battled to regain their footing as investors clutched at hopes China could contain the coronavirus, even as headlines spoke of ever more cases and mounting deaths.

Catch all the latest updates from the stock market

Disclaimer: CNBCTV18.com advises users to check with certified experts before taking any investment decisions