 "Markets trim gains ahead of GDP data; Tata Steel up 4%")
Weakness in index heavyweights like ITC, TCS and HDFC capped gains in names like Sun Pharma, Tata Steel and Infosys.
In the broader markets, the mid and smallcap indices stayed firm with a 0.6% gain, outperforming the Sensex which was up 0.2%.
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(Updated at 1307 hrs)
Benchmark indices continued to edged higher in a choppy trade amid buying in frontline stocks while broader markets continued to outperform the bechmarks.
At 11:25am, the 30-share BSE Sensex was up 79 points at 20390 and the 50-unit NSE Nifty was up 26 points at 6,062. BSE small-cap and mid-cap indices are up between 0.6-0.7%.
Investors now wait for the GDP figure to be released later. The revised GDP data for 2013/14 fiscal year, ending March 31, will be released on Friday at around 5.30 pm.
“The Nifty is moving higher in a sluggish manner, as long as it trades below 6100 we should assume that this is a reactive up move and we could see further down side,” says Mohit Gaba, Independent technical analyst & trader.
Top gainers on the Sensex at this hour include Tata Steel, Sesa Sterlite, Sun Pharma, Dr. Reddy’s Labs and Maruti Suzuki.
Maruti Suzuki India extended Thursday's gains on back of its latest compact car launch -- Celerio.
On the sectoral front, metal stocks are top gainers at this hour with BSE Metal index of the BSE currently trading 2% higher. Healthcare and Realty indices are other gainers.
Meanwhile, the rupee is trading at 62.31 versus its close of 62.3650/3750, tracking some gains in the domestic stock market.
Traders also expect dollar inflows towards the Vodafone deal, spectrum auctions among other things.
Vodafone Group Plc won the cabinet's approval for its $1.6 billion deal to buy out minority partners in its unit in the country, Information and Broadcasting Minister Manish Tewari said on Thursday.
Foreign fund flows will be keenly watched as FIIs turned buyers of shares yesterday after a five-day selling streak. Foreign investors bought 107.5 million rupees worth of Indian shares on Thursday after selling indian stocks worth $542 million in secondary markets, in the past five sessions, provisional exchange and regulatory data shows.
On the global front, Asian shares regained a measure of stability on Friday, stepping further away from five-month lows after a strong rally on Wall Street and hopeful signs the upcoming US payroll report could put some global growth concerns to rest.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.7%, a day after the index posted its biggest gains in over two months. The index bounced 2.0% from a five-month low hit on Wednesday.
Japan's Nikkei also rose 1.7%, extending its rebound from a four-month low hit earlier in the week.
Mainland China shares fell 0.2% from a week ago after the week-long lunar New Year holiday.
Back home, the rupee is trading at 62.36 per dollar vs previous close of 62.38.
Cadila Healthcare, CESC, Corporation Bank, Hexaware Tech, JK Lakshmi Cement, RCom, Sun TV Network and Tata Power will unveil their third quarter earnings today.
Tata Power Company has gained ahead of its Q3 results today
On the losing side, Coal India, ITC, Hindalco, M&M and HDFC Bank have declined between 0.2-1%.
Among other shares, Patel Engineering has rallied 9% to Rs 65.20 on BSE after the company said it has bagged new construction projects amounting to Rs 1,110 crore.
Ambuja Cements has gained 1.48% to Rs 158.10 after net profit rose 49.31% to Rs 316.50 crore on 5.19% decline in total income to Rs 2297.62 crore in Q4 December 2013 over Q4 December 2012.
Apar Industries has lost 6.54% to Rs 120, with the stock extending Thursday's 4.82% fall triggered by the company reporting poor Q3 earnings.
Aurobindo Pharma has rallied 6% to Rs 525 after reporting over four-fold jumped in consolidated net profit at Rs 417 crore for the third quarter ended December 31, 2013 (Q3) on back of strong operational income. The pharmaceutical company had profit of Rs 92 crore in the same quarter previous fiscal.
The broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices have gained between 0.6-1%.
The market breadth in BSE remains positive with 1,158 shares advancing and 425 shares declining.