Mumbai, Oct 16 : A day after witnessing a massive fall, the Indian equity market recovered during Friday's trade session, on the back of investors' expectation of healthy quarterly results along with hopes of an economic pick-up during the festive season. However, disappointing stimulus measures, along with high prices and risk to economic recovery due to the Covid pandemic, capped the gains. Globally, Asian shares were mixed on Friday as investors weighed concerns about the US presidential election and an economic stimulus package, on top of fears of flaring outbreaks of coronavirus. Besides, stocks in Europe gained as a slew of positive corporate news outweighed investor concern about new restrictions to curb the pandemic. Back home, volumes on the NSE were just below the recent average with metals, banks, realty and pharma indices gaining while media and IT indices closed marginally lower. The Sensex closed at 39,982.98, higher by 254.57 points, or 0.64 per cent, from its previous close of 39,728.41. The Nifty50 on the National Stock Exchange closed at 11,762.45, higher by 82.10 points, or 0.7 per cent, from its previous close. "Indian equity benchmark indices bounced up on Oct 16 after the losses made during the previous trading session," said Deepak Jasani, Head of Retail Research at HDFC Securities. "Recovery in the markets today has brought life back to traders. Now Nifty will have to cross 11,800-11,880 to make an attempt at a new high while 11,661 would be a crucial support." Vinod Nair, Head of Research at Geojit Financial Services, said: "The market has lifted marginally after yesterday's deep fall, but the overall trend is still fragile. The market trend has turned weak due to high stock prices in spite of lack of required fiscal support and rising spread of Covid impacting economic recovery." "The quick bounce of the market to above last high and near the pre-Covid level, has brought volatility, which can stay for some time. The market will look forward, with high hopes on Q2 results and update on stimulus plans. IT, telecom, pharma and banks will be the sectors under focus with a positive bias." Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services, said: "On the domestic side, stock specific action was seen. Technology shares continued to see profit booking despite HCL Tech declaring strong set of results in line with its peers. Air conditioners companies Amber, Blue Star & Voltas gained between 4-9 per cent after the government banned imports of air conditioners with refrigerants with a view to promote domestic manufacturing and cut imports of non-essential items." "The leading sector was metals as the steel trade data released by China suggests demand remains strong." /IANS