Indian equity benchmark indices, BSE Sensex and Nifty50, recovered after initial losses in mid-day trade. While BSE Sensex moved up to above 82,800 level, Nifty50 was near 25,300.

High-weightage Nifty IT led the sectoral indices, rising 1.8%, fuelled by strong performances in Infosys and Tech Mahindra.

Several stocks plunged in excess of 5 per cent in Mumbai trading on Friday even as equity benchmark BSE Sensex traded 435.45 points up at 82932.55 amid brisk buying in frontline bluechip counters. On the BSE,

Nifty is trading at 21.5 times its one-year forward earnings, which is above its historical average of 20.4 times. India is being perceived as relatively expensive market compared with other emerging market peers.