The US Dow Jones Industrial Average ended 0.15 per cent lower in Friday's trade.
On Friday, the rupee had slipped by 5 paise to 64.61 a dollar due to demand uptick for the American currency and persistent capital outflows.
The rupee hovered in a range of 64.55 and 64.67 during the morning trade.
All sectoral indices led by oil&gas, FMCG, PSU, metal and bank were in the green, gaining up to 0.72 per cent.
Meanwhile, the benchmark BSE Sensex rallied 161.95 points, or 0.55 per cent, to 29,584.34 in early trade.
P-notes are issued by registered Foreign Portfolio Investors to overseas investors who wish to be a part of the Indian stock markets without registering themselves directly.
After a weak opening, the stock further dropped 6.5 per cent to Rs 1,501 on BSE. At NSE, shares of the company plunged 5.28 per cent to Rs 1,520.60.
The NSE Nifty was up 23 points, or 0.25 per cent, to 9,126.50.
The NSE Nifty rose 15.35 points, or 0.16 per cent, at 9,120.50.
A weak dollar overseas supported the rupee, forex dealers said.
The 30-share index rose over 267 points in morning trade to hit the day's high of 29,701.19, before losing momentum to end 94.56 points, or 0.32 per cent lower at 29,319.10.
In FMCG space, over 90 per cent of the sales comes from 'Kirana' merchants, according to the former President of CII
Forex dealers said weakness in the dollar against its key rivals overseas gave some support to the rupee.
The rupee opened almost flat at 64.42 as against last Thursday's closing level of 64.41 per dollar at the Interbank Foreign Exchange (Forex) Market here today.
The Korean peninsula, Afghanistan and Syria remained geo-political flashpoints, which cast their shadow here.
The domestic unit closed higher by 26 paise at 64.41 in the previous session on Thursday on account of fresh selling of the American currency by exporters, besides a weakness in the greenback overseas.
"The national economy in the first quarter has maintained the momentum of steady and sound development," the National Bureau of Statistics said in a statement.
The subdued start to this week came as markets braced for more geopolitical tensions over North Korea, after its attempted launch on Sunday of a ballistic missile
In the present case, Chennai-based Mother Mira Industries Ltd had filed an appeal before SAT against BSE's decision last year to compulsorily delist the company.
Earlier, state-owned fuel retailers had announced that come May 1, they would be launching a pilot for daily price revision in five select cities and gradually extend it to all over the country.
In weekly terms, the Sensex fell 245.16 points, or 0.82 per cent, while the Nifty was down 47.50 points, or 0.51 per cent.
Besides, weakness of the dollar against other currencies overseas supported the rupee, forex dealers said.
Sentiment soured over rising military heat in the Middle East and Korean peninsula following last week's US strike against Syria and sabre-rattling by the US and North Korea.
The wider 51-scrip Nifty of the National Stock Exchange was trading 3.30 points or 0.04 per cent lower at 9,233.70 points.
The gauge had gained 213 points yesterday. National Stock Exchange's Nifty rose 8.85 points, or 0.09 per cent, to 9,245.85.
Moreover, the US dollar's gains against some currencies overseas put the rupee on backfoot, forex dealers said.
The rupee recovered some of the lost ground after taking a battering overnight, advancing 6 paise to 64.50 against the US dollar amid mild selling of the American currency by exporters.
Dealers said dollar flexing muscles overseas and its increased demand from importers put the squeeze on the rupee.
The 30-share index, which had lost 398.50 points in the previous three sessions, recovered 55.50 points, or 0.18 per cent, at 29,631.24.
The rupee opened marginally lower at 64.30 against last Friday's level of 64.28 here today.
The 30-share index traded up by 124.71 points, or 0.41 per cent, at 29,831.32, as all indices led by oil and gas, PSU and capital goods came good, rising by up to 1.34 per cent.
On Friday, the rupee continued its stellar rally against the dollar, surging 24 paise to end at a fresh 20-month high of 64.28 amid escalating geo-political trouble involving the US and Russia.
The benchmark Sensex tanked 221 points while the Nifty ended below the 9,200-mark even as safe haven assets and crude oil prices surged.
The local currency opened lower than the overnight close of 64.52 and weakened to 64.69 on bouts of dollar demand from importers and banks.
The rouble was down around one per cent against the dollar and Russian dollar-denominated stocks fell 2.4 per cent.
The 50-share NSE Nifty also dropped by 49.35 points or 0.53 per cent to 9,212.60.