 "Markets extend gains led by financial shares")
By 1420, the Sensex was up 200 points at 19,614 and the Nifty has gained 63 points to 5,926.
Devangshu Datta, Technical Analyst says “Some selling pressure can be above 5910. Futures premium is at 15-20. Support at 5,880. Use that as stop loss if you go long. Upside could be till 5,945 if resistance at 5,915-5,920 is broken.”
On the global front, Japan's Nikkei share average ended at a new 53-month high on Friday, as exporters and real estate shares rose helped by bullish U.S. data, a weakening yen, and ongoing optimism aggressive easing will soon be adopted by the Bank of Japan's new leadership.
The Nikkei advanced 2.6 percent to 12,283.62, its highest closing level since September 2008. For the week, the index gained 5.8 percent, the biggest weekly gain since December 2011.
Back home, BSE FMCG and Oil & Gas indices have surged by almost 2% followed by counters like Metal, PSU, Capital Goods, Banks, Power, Consumer Durable and Healthcare, all gaining by 1% each. However, software shares continue to reel under selling pressure, down by nearly 1%.
The Oil & Gas Index on the BSE is the top gainer on Friday, up 2%, led by gains in public sector oil marketing companies on the back of declining crude oil prices in the international markets.
Index heavyweight Reliance Inds has jumped by nearly 2% on shortcovering. ONGC has also gained by nearly 2%.
Bank and financial shares have extended yesterday’s gains on hopes of credit growth revival after global ratings agency Moody’s said on Thursday that the worst might be over for India in 2014 by the economic growth bouncing back to 7%. The ratings agency pushed India's 2013 GDP forecast to 6.2% from 5.1%. HDFC, HDFC Bank, SBI and ICICI Bank have spurted between 1-3%.
ITC has also extended yesterday’s upmove on buying at lower levels after the stock witnessed correction post the Budget which proposed 18% excise duty hike on cigarettes. The stock is up by 2%.
Hero Moto has extended yesterday’s rally, up by nearly 3%. Kotak Institutional Equities upgraded Hero MotoCorp Ltd yesterday to "add" from "sell", and maintained its "reduce" rating on Bajaj Auto.
Mahindra and Mahindra (M&M) is trading higher by over 1% after the utility vehicle maker said that workmen at Nasik plant have called off their strike.
On the losing side, Maruti Suzuki (India) is trading lower by 2% at Rs 1,425 in otherwise firm market in noon deals on reports that the car major may suspend production of petrol cars at Gurgaon plant.
IT shares are trading lower after witnessing a sharp rally yesterday. Infosys and TCS have declined between 0.5-1%.
The broader markets are under performing the benchmark indices. The BSE Midcap and Smallcap indices have gained by nearly 1%.
The market breadth in BSE remains positive 1,589 shares advancing and 1,135 shares declining.