The market trimmed gains after hitting fresh intraday high in mid-afternoon trade. At 14:18 IST, the barometer index, the S&P BSE Sensex, was up 626.20 points or 1.82% at 35,058.17. The Nifty 50 index was up 179.70 points or 1.73% at 10,560.15. Trading sentiment got a boost amid fall in global crude prices and rising rupee. Positive global cues also triggered buying. The Sensex was currently trading above the psychologically important 35,000 mark after moving above and below that level in intraday trade. Weakness in IT shares capped gains.

Among secondary barometers, the BSE Mid-Cap index was up 0.99%. The BSE Small-Cap index was up 1.07%.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1703 shares rose and 857 shares fell. A total of 857 shares were unchanged.

Most pharmaceuticals shares rose. IPCA Laboratories (up 2.49%), Glenmark Pharmaceuticals (up 1.96%), Wockhardt (up 1.79%), Alkem Laboratories (up 1.3%), Piramal Enterprises (up 1.29%), Cadila Healthcare (up 0.84%), GlaxoSmithKline Pharmaceuticals (up 0.58%), Strides Shasun (up 0.12%) and Sun Pharmaceutical Industries (up 0.11%), edged higher. Lupin (down 0.26%), Divi's Laboratories (down 0.59%), Cipla (down 0.86%), Aurobindo Pharma (down 0.87%) and Dr Reddy's Laboratories (down 1.77%), edged lower.

IT shares declined on a firm rupee. Tech Mahindra (down 2.58%), MphasiS (down 2.4%), Wipro (down 1.92%), Hexaware Technologies (down 1.44%), HCL Technologies (down 1.24%), MindTree (down 1.06%), TCS (down 0.89%), Infosys (down 0.35%) and Oracle Financial Services Software (down 0.09%), edged lower. Persistent Systems was up 0.91%.

Appreciation in rupee dents top line of IT firms as these companies derive most of their revenues in dollar terms.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 72.63, compared with its close of 73.455 during the previous trading session.

In the global commodities markets, Brent for January 2019 settlement was off 18 cents at $72.71 a barrel. The contract had fallen $2.15 a barrel or 2.87% to settle at $72.89 a barrel during the previous trading session.

Overseas, shares in Europe and Asia jumped on Friday on hopes of a trade agreement between China and the United States.

US stocks rallied to close higher Thursday, with the S&P 500 gaining for its third straight session for the first time in six weeks, on cautious optimism that US-China trade tensions could ease in the near term.

Stocks added modestly to their gains after President Donald Trump, in a Thursday morning tweet, hinted at progress in early trade talks with China. The president also said in his morning tweet that trade discussions are moving along nicely and meetings between the two leaders at the upcoming G-20 summit are being scheduled.

On the US data front, the ISM manufacturing index fell to a six-month low of 57.7%. Respondents cited rising costs as a concern. The IHS Markit final US Manufacturing Purchasing Managers' Index printed at 55.7 for October, up slightly from 55.6 in September. A reading of at least 50 indicates improving conditions.

Nonfarm productivity growth grew at a 2.1% annualized rate in the third quarter. Unit labor costs rose by 1.2%.

The number of newly unemployed Americans seeking jobless benefits fell in the seven days ended 27 October to 212,000.