Friday's opening of the benchmark stock market indexes was favorable due to rises in shares of information technology. This boost followed a worldwide market rise as US economic statistics allayed fears of a possible recession in the largest economy in the world.

At 9:35 AM, the NSE Nifty50 had gained 247.25 points to 24,391.00, while the S&P BSE Sensex had gained 834.71 points to 79,940.59.

"The unwinding of the yen carry trade and concerns about a US recession caused the August 5th sell-down, but global stock markets have wisely recovered since then," according to Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

"The most recent statistics on US unemployment benefits and inflation do not point to a recession. However, the 2.9% annual inflation rate and the somewhat softer labor markets prepared the way for the Fed to lower rates in September, as the market is now projecting. The CBOE VIX dropped sharply to about 15%, indicating that stability is the likely short-term trend and that the worries were exaggerated," he continued.

"The contradiction of reckless institutional investors and jubilant ordinary investors exists in India. While the latter are boosting their cash component due to value worries, the former are less concerned about the high market valuations. Values should be the first consideration for investors making new investments. There is no value comfort in the larger market," according to Vijayakumar.