Key equity indices bounced back on Friday, after sliding in past two trading sessions. The barometer index, the S&P BSE Sensex, rose 177.51 points or 0.46% to 38,862.23, as per the provisional closing data. The Nifty 50 index rose 67.95 points or 0.59% to 11,665.95, as per the provisional closing data. Gains were supported by upbeat global cues amid hopes of an end to the skirmish between US and China.

Indices opened higher and hit fresh intraday high in early trade. Shares pared gains in morning trade. Barometers turned range bound in early afternoon trade. Indices firmed up once again in afternoon trade and hit fresh intraday high in late trade.

Broader market outperform the Sensex. Among secondary barometers, the BSE Mid-Cap index was up 0.63%. The BSE Small-Cap index was up 0.72%.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1514 shares rose and 1054 shares fell. A total of 171 shares were unchanged.

Tata Steel (up 3.62%), Vedanta (up 2.48%), Bajaj Finance (up 2.38%), TCS (up 2.02%), Infosys (up 1.45%) and ONGC (up 1.45%), were the major Sensex gainers.

Power Grid Corporation of India (down 1.36%), State Bank of India (down 1.24%), Hero MotoCorp (down 0.6%), Sun Pharmaceutical Industries (down 0.58%) and Asian Paints India (down 0.42%), were the major Sensex losers.

Cipla rose 1.99%. The company said that following the inspection by the United States Food and Drug Administration (USFDA) at the Goa manufacturing facility from 21 to 28 January 2019, the company has received the Establishment Inspection Report (EIR), indicating closure of the inspection. The announcement was made after market hours yesterday, 4 April 2019.

On the economic front, Fitch Ratings reportedly kept India's sovereign rating unchanged at the lowest investment grade of 'BBB-' with a stable outlook. India's ratings balance a strong medium-term growth outlook and relative external resilience stemming from strong foreign reserve buffers, against high public debt, a weak financial sector and some lagging structural factors, reports added citing Fitch report.

Overseas, shares in Europe and Asia rose on Friday as investors watched for more details about a potential trade deal between China and the US. The stock markets in China and Hong Kong are closed on Friday for a holiday. Traders will likely keep a close watch on upcoming US non-farm payrolls due later today.

Data released on Thursday showed that German factory orders fell at their sharpest rate in two years.

Chinese Vice Premier Liu He said a new consensus has been reached between China and the US on the text of a trade agreement that they are negotiating, according to official state news website Xinhua.

President Donald Trump on Thursday said the United States and China were a month from a potentially "epic" trade agreement.

US stocks closed mostly higher Thursday, as investors continued to monitor trade talks between the US and China.

On the data front, new applications for unemployment benefits fell to 202,000 in the week ended March 30, the lowest level since 1969, the government said.