 "Nifty above 5,450 mark led by banks & oil shares")
Benchmark indices are trading on a higher note amid volatility led by auto, oil & gas and banking shares.
According to technical analyst, Devangshu Datta, “Nifty is mildly bullish and may trade between the levels of 5400-5475 with possible breakouts to 5350 or 5525. Use 5400 and 5475 as stop losses for futures positions. However, there is a possibility of market weakening in last half an hour.”
Meanwhile, HSBC has downgraded Indian equities to "neutral" from "overweight", citing a sharp rise in the cost of equity for companies and a slowing growth.
On the global front, Japan's Nikkei share average jumped more than 2 percent on Friday with upbeat factory activity data from around the world spurring broad gains, led by exporters like Toyota Motor Corp that got an extra lift from a weaker yen.
The Nikkei rose 2.2% to 13,660.55, after shedding 0.4% in the previous session. For the week, the benchmark gained 0.1%.
The broader Topix added 2 percent to 1,141.63 in light trade. Among exporters, Toyota gained 2.8 percent and Sony Corp advanced 3.2%.
Back home, BSE Auto, Oil & Gas, Capital Goods, Consumer Durables, Bankex and IT indices have gained by 1% each. However, BSE Realty index has crumbled by nearly 2%.
Index heavyweight Reliance Industries (RIL) has moved higher by over 2% at Rs 824 in later noon deals after the company and BP announced a new gas condensate discovery off the east coast of India in the Cauvery Basin.
Other notable gainers are BHEL, Tata Power, Tata Motors, ICICI Bank, TCS, ONGC, JSPL, M&M, Tata Steel and HDFC Bank, all gaining between 2-8%.
Among losers, Sterlite, Bharti Airtel, Cipla, NTPC and Hindalco have declined by 2% each.
The broader markets are performing in line with the benchmark- BSE Midcap and Smallcap indices are up nearly 1% each.
The market breadth in BSE remains positive with 1,234 shares advancing and 955 shares declining.
According to technical analyst, Devangshu Datta, “Nifty is mildly bullish and may trade between the levels of 5400-5475 with possible breakouts to 5350 or 5525. Use 5400 and 5475 as stop losses for futures positions. However, there is a possibility of market weakening in last half an hour.”
Meanwhile, HSBC has downgraded Indian equities to "neutral" from "overweight", citing a sharp rise in the cost of equity for companies and a slowing growth.
On the global front, Japan's Nikkei share average jumped more than 2 percent on Friday with upbeat factory activity data from around the world spurring broad gains, led by exporters like Toyota Motor Corp that got an extra lift from a weaker yen.
The Nikkei rose 2.2% to 13,660.55, after shedding 0.4% in the previous session. For the week, the benchmark gained 0.1%.
The broader Topix added 2 percent to 1,141.63 in light trade. Among exporters, Toyota gained 2.8 percent and Sony Corp advanced 3.2%.
Back home, BSE Auto, Oil & Gas, Capital Goods, Consumer Durables, Bankex and IT indices have gained by 1% each. However, BSE Realty index has crumbled by nearly 2%.
Index heavyweight Reliance Industries (RIL) has moved higher by over 2% at Rs 824 in later noon deals after the company and BP announced a new gas condensate discovery off the east coast of India in the Cauvery Basin.
Other notable gainers are BHEL, Tata Power, Tata Motors, ICICI Bank, TCS, ONGC, JSPL, M&M, Tata Steel and HDFC Bank, all gaining between 2-8%.
Among losers, Sterlite, Bharti Airtel, Cipla, NTPC and Hindalco have declined by 2% each.
The broader markets are performing in line with the benchmark- BSE Midcap and Smallcap indices are up nearly 1% each.
The market breadth in BSE remains positive with 1,234 shares advancing and 955 shares declining.