New Delhi, Oct. 9 -- Indian equities broke an eight-week losing streak, but the modest rebound offered limited reassurance as crude oil climbed above $100 a barrel and the central bank took a hawkish stance after a 25-basis-point rate hike.

The Nifty 50 rose 1.30% in the Friday session to 22,520.45, while the Sensex gained 1.23% to 72,472.33. Their weekly gains were narrower, at about 0.43% and 0.78%, respectively, halting the prolonged decline without establishing a convincing recovery.

Tanvi Kanchan, associate director at Anand Rathi Shares & Stock Brokers, described the advance as a relief rally, with elevated oil prices, rupee weakness and high US bond yields continuing to weigh on sentiment.

Valuations had become more supportive, ...