The BSE Sensex gains 0.19 percent and the broader Nifty is up 0.27 percent, in a volatile session after four days of declines.
Tata Steel Ltd shares rise 4 percent after its January-March quarterly operating profit beat analysts' estimates.
Larsen & Toubro Ltd climbs 3 percent as sell-off in the previous two sessions were seen as overdone. L&T shares slipped 12 percent in the last two sessions on lingering disappointment over its January-March profit and outlook.
Sun Pharmaceutical Industries Ltd falls 3 percent after its subsidiary Taro Pharmaceutical Industries Ltd (TARO.N) March-quarter results came below estimates.
State Bank of India falls 1.6 percent adding to 7.9 percent fall on Thursday after posting its first quarterly net profit drop in two years and missing market estimates.
Shares in Wockhardt Ltd down 9.7 percent after earlier falling as much as 19.3 percent, continuing to reel after the U.S. Food and Drug Administration imposed an "import alert" on a plant operated by the generic drugmaker.
The slowing pace of foreign investors buying is also worrying investors.