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Markets continue to edge higher in noon trades on the back of gains in heavyweights like Reliance Industries after CCEA agreed to raise gas prices to US$8.4/mmbtu, effective April 2014 along with ICICI Bank, HDFC and ITC. At 1255 hrs, the Sensex was 396 points at 19,272 and the Nifty gained 116 points to trade at 5,799.
There was buying visible in broader markets too with both the mid and smallcap indices gaining 1% each.
The rupee rallied on Friday on expectations that a global risk rally would help curb the recent heavy selling by foreign investors, while the government's push to raise gas prices raised prospects for more fiscal and economic reforms. The Indian was trading at 59.55 compared with its previous close of 60.19/69.20.
Asian shares rose for a third day on Friday led by a solid rally in Tokyo's Nikkei, which is on track to end the first half of the year up a barnstorming 31%.
MSCI's broadest index of Asia-Pacific shares outside Japan climbed 1.4%, pulling further away from an 11-month low and wiping out this week's losses. It was still down around 7% for the year.
Japan's Nikkei average jumped 3.5% to its highest in nearly four weeks, egged on by upbeat data showing consumer prices stopped falling in May and labor demand reached its strongest level in five years.
European stocks were seen opening steady, in line with U.S. stock futures, which were a touch firmer. FTSE and DAX were up 0.1-0.2% while CAC was down 0.02%.
Back home, among the sectoral indices, IT, Teck and Consumer Durables indices were in the red, losing 0.1-1% in an otherwise firm market.
On the other hand, Metal, Capital Goods, Power, PSU, Bankex, Auto, Oil 7 Gas, Realty, Health Care and FMCG indices gained 1-3.5%.
The only losers among the Sensex stocks were It majors TCS, Infosys, Wipro losing 0.04-1% along with Hindustan Unilever and Maruti Suzuki down 0.6% and 0.2%.
The top gainers were BHEL, Jindal Steel, Coal India and Tata Motors, up 4-5% followed by L&T, HDFC, Sun Pharma, ICICI Bank, Bajaj Auto, Hindalco, Tata Steel and Gail India gaining 3.-3.6%.
The market breadth was positive. 1,336 stocks advanced while 758 stocks declined on BSE.
