The Indian equity benchmarks rebounded strongly on Friday after facing intense selling pressure in the previous two sessions on the back of a broad-based buying interest. The Sensex rose over 500 points and the Nifty 50 index reclaimed its important psychological level of 14,500. After two days of steep declines the benchmarks went into oversold zone and staged a bounce back on account of short covering, analysts said.
As of 9:16 am, the Sensex rose 0.9 per cent or 444 points to 48,884 and Nifty 50 index advanced 161 points or 1.12 per cent to 14,486.