Benchmark indices on Friday rebounded despite a higher-than-expected CPI print in the US following a rally in global markets and strong buying in Infosys and finance stocks.

Investor sentiment got a leg-up from the second quarter numbers of Infosys which came in line with estimates.

The management’s commentary and its Rs 9,300 crore share buyback triggered heavy buying, sending the share rallying almost 4 per cent on the BSE.

Infosys shares ended higher by 3.82 per cent to settle at Rs 1,474.05 on the BSE. During the day, it jumped 5.22 per cent to Rs 1,494. On the NSE, the counter climbed 4.02 per cent to end at Rs 1,477.

The company’s market valuation shot up by Rs 22,878.82 crore to Rs 6,20,254.82 crore. In traded volume terms, 5.20 lakh shares of the company were traded on the BSE and over 1.49 crore shares on the NSE during the day. Other IT stocks like HCL Technologies and Tech Mahindra also ended higher.

The 30-share BSE Sensex vaulted almost 1200 points during intra-day trades to hit a high of 58435.12 after opening in the green at 58162.74.

However, caution among investors because of elevated global inflation leading to the possibility of more interest rate hikes, saw the indices retracing from their peak.

The Sensex gave up some gains to close 684.64 points, or 1.20 per cent, higher at 57919.97.

Similarly, the NSE Nifty climbed 171.35 points, or 1.01 per cent, to end at 17185.70.