Mumbai, Sep 14 (IANS): The benchmark S&P BSE Sensex reclaimed the 38,000 mark on Friday afternoon, supported by a recovery in the rupee and positive global markets.

The NSE Nifty50 also surged around 120 points during the afternoon session of trade. So far, sector-wise, consumer durables stocks led the increase in the market.

The Indian rupee on Friday recovered after the recent slump and around 1.10 p.m. the rupee traded around 71.60 per US dollar, against the previous close of 72.19 per dollar.

Globally equity markets traded higher after reports said that the US and China may hold fresh talks on trade tariffs issue.

Further, the Wholesale Price Index for August, released on Friday, eased to 4.53 per cent from 5.09 per cent in July, which firmed up the domestic investor sentiment.

Index-wise, the wider Nifty50 on the National Stock Exchange traded at 11,490.45 points (1.25 p.m.), higher by 120.55 points or 1.06 per cent from its previous close.

The S&P BSE Sensex, which had opened at 37,939.29 points, traded at 38,022.67 points, higher by 304.71 points or 0.81 per cent than the previous close of 37,717.96 points.

So far, it has touched an intra-day high of 38,058.92 points and a low of 37,859.52 points.

The markets remained closed on Thursday on the ocassion of Ganesh Chaturthi.