Indian equity benchmarks opened higher on Friday, rebounding after a sharp selloff that dragged the Sensex to a 32-month low and the Nifty to an 18-month low.

At 9:27 a.m., the Sensex gained 338.71 points, or 0.47 percent, to 71,931.95. The Nifty advanced 91.65 points, or 0.41 percent, to 22,323.45.

Oversold conditions triggered a technical rebound, though gains could be capped by rising crude prices, higher global bond yields and a weaker rupee. Brent crude hovered near $104 a barrel after a 4 percent jump on Thursday.

Foreign portfolio investors sold a net Rs 12,944 crore of Indian equities on Thursday, their biggest single-day outflow since May 29. Domestic institutional investors bought Rs 10,703 crore, cushioning the fall.

IT stocks remain under pressure after TCS reported its weakest September-quarter revenue growth in three years. Analysts say the recovery will need stronger global cues.