The gains came a day after a massive slide in global markets and fears of continued foreign fund outflows that pulled both the key Indian indices lower by 2 per cent on Thursday.
The rupee plunged to a new low of 74.46 against the dollar, while the international benchmark Brent crude breached the US 86 per barrel level, nearing its four-year high.
1,236 shares advanced against a decline of 420 shares, while 1,708 shares were unchanged. Banks, infrastructure and metals saw significant gains in morning trade.
This was the final WEO released under Obstfelt's watch as he is leaving the IMF at the end of this year and will be succeeded by Gita Gopinath, the Kerala government's economic adviser.
Falling for the fourth straight session, the BSE 30-share barometer fell 169.20 points, or 0.53 per cent, to 34,207.79 after hitting a low of 34,106.24.
The CAD was directly linked with global oil prices, which had been going up recording the highest level in last four years, and was going to have some adverse impact, said Jaitley.
A majority of the analysts and bankers were expecting the six-member Monetary Policy Committee to go at least for a 0.25 per cent hike in key rates at the review.
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