The Indian equity markets rebounded at the end of Friday's session. The Sensex ended 1,628 points higher at 29,916, while the Nifty rose 486 points to settle at 8,750.

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"This is seen to be a very big recovery and whatever selling which we have seen in last half an hour or so may not be on the announcements of the Maharashtra government directing closure of the offices. It might be more because of the FII selling because that is the pattern we have been seeing for last 3-4 days that after 1:30pm in the last couple of hours we have been seeing this kind of selling coming in." said market expert SP Tulsian of sptulsian.com.

He further added, "The Dow Jones futures is now about 900 points up and that is seen to be giving the shiver in the spine of the short sellers that if you see any kind of improvement coming in again Monday morning, you will be seeing gap-up opening coming in and that is the reason a lot of short covering is seen."

"I am not ruling out the value buying as well because always short covering gets preceded by value buying coming in and that is what is happening now," he added.

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First Published:Mar 20, 2020 4:22 PM IST