After touching a high of 31,899.31 in opening session, the 30-share index was trading 259.92 points or 0.82 per cent higher at 31,865.14.
Analysts expect S&P 500 earnings growth to decline 10.2 per cent in the first quarter year over year, according to data from Refinitiv.
Traders are now keeping an eye on the European Central Bank's policy meeting next week as well as the Bank of England, Reserve Bank of New Zealand and Swiss National Bank.
"Market also took positive cues from global markets that remained on firm footing despite concerns over coronavirus."
The benchmark BSE Sensex was trading with gains of 420.26 points, or 0.99 percent to quote at 41,399.88
According to traders, despite selloff in other Asian equities amid fears of contagion after a deadly new virus emerged from China, stock-specific action kept domestic benchmarks buoyed.
"It is unfortunate that the party which should be playing a responsible role in taking this country forward, is playing opportunistic politics," she added.
The Fed, as expected, made no change to interest rates after cutting the last three meetings in an effort to maintain solid economic growth.
In the Sensex kitty, ICICI Bank emerged as the biggest gainer with 0.88 per cent rise, followed by M&M, ITC, Bajaj Finance, TCS, Tata Steel, NTPC, L&T, and HDFC.
Foreign institutional investors turned net buyers in the capital market, infusing Rs 749.74 crore on Friday, while domestic institutional investors sold shares worth Rs 703.02 crore, data available with stock exchange showed.
Banking stocks were in the red with State Bank of India losing by 2.9 percent and Kotak Mahindra Bank by 2.1 per cent. HDFC slipped by 2.2 per cent. The other prominent losers were Cipla, Hindalco, GAIL, Vedanta and Tata Steel.
After plunging over 2 per cent in the past two sessions, equities took a breather as oil prices cooled after Saudi Arabia's energy minister said that more than half of the country's daily crude oil production, that was knocked out by the drone attack, has been recovered.
At the interbank foreign exchange the rupee opened at 71.47 then gained further ground and touched a high of 71.43, registering a rise of 35 paise over its previous close.
The domestic unit however could not hold on to the gains and was trading at 71.93 against the dollar at 0955 hrs.
While a majority of the people use nets and sarees, some of them are using hooks to catch fish
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