Indian shares rose on Friday, in line with their Asian peers, led by gains in IT, metal and auto stocks. The sentiment was also positive as investors remained optimistic for the second quarter of FY20. For the week, the indices ended over 1 percent higher.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.5 percent after US President Donald Trump said he would meet with Chinese vice-premier Liu He, as the White House said trade talks between the two countries on Thursday went 'probably better than expected.'

The Sensex ended 247 points higher at 38,127, while the broader Nifty50 index added 70 points to end the day at 11,305. In broader markets, the Nifty Midcap and the Nifty Smallcap indices rose 0.04 percent and 0.5 percent, respectively.

Cipla, Tata Motors, Vedanta, Infosys and ONGC were the top gainers on the Nifty50, while Yes Bank, IOC, GAIL, M&M and Reliance Industries Ltd led the losses.

All sectoral indices, except the Nifty Media and the Nifty Private Bank, ended in green for the day. The metal index rose over 2.3 percent as trade war concerns between US-China eased, followed by the Nifty IT index, which was up 1.5 percent. The Nifty Realty and the Nifty FMCG rose around 1 percent each, while the Nifty Auto added 0.4 percent. Meanwhile, the Nifty Media slipped 0.34 percent.

Tata Consultancy Services (TCS) ended nearly 1 percent lower after the company's September-quarter results failed to meet Street estimates, with most brokerages cutting their price targets for the stock. However, Infosys rose 4 percent ahead of its Q2 results later today.

Indiabulls Housing rebounded to end over 4 percent higher after falling 19 percent yesterday after the Reserve Bank of India (RBI) rejected their proposed merger with Lakshmi Vilas Bank. The company said it is likely to consider share buyback at a board meeting on October 14.

Meanwhile, other group companies Indiabulls Ventures and Indiabulls Real Estate announced share buyback during the day today. Indiabulls Ventures rallied 4 percent after the board approved a buyback of 6.67 crore shares at Rs 150 per share at a meeting. The company informed exchanges that its board of directors had approved a Rs 1,000-crore buyback proposal.

Shares of Indiabulls Real Estate were locked in 5 percent upper circuit after its board on October 11 approved a Rs 500-crore share buyback proposal.

Shares of Cipla rebounded more than 4.5 percent after management clarified on Goa unit inspection, saying there are no data integrity and repeat observations.