** India's Nifty 50 .NSEI and Sensex .BSESN partially recover from previous session's steep decline, rising 1.2% each on easing oil prices

** Brent crude LCOc1 eases to $107 per barrel after jumping to $119 on Thursday, as leading European nations and Japan offered to join efforts to secure safe passage for ships through the Strait of Hormuz

** All 16 major sectors advance; small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 gain 0.8% and 1.5%, respectively

** Heavyweight Reliance RELI.NS gains 3%; Jefferies and Ambit Capital see near-term earnings gains for its oil-to-chemical business due to higher refining margins

** PSU banks .NIFTYPSU jump 3.3%, after losing 2.9% in the previous session

** Metals .NIFTYMET advance 2.4%, led by 4.2% rise in Tata Steel TISC.NS, which was aided by HSBC's PT hike

** IT index .NIFTYIT gains 2% after U.S. peer Accenture ACN.NS posts better-than-expected quarterly earnings

** Both benchmarks are set to log weekly gains, as value buying emerged after they confirmed a technical correction last week

(Reporting by Bharath Rajeswaran in Bengaluru)

((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))