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After some initial flip flop, the benchmark indices held ground in the green territory in opening trades. At 0924 hrs, the Sensex was up 35 points at 20,534 and the Nifty gained 13 points at 6,086.
The broader markets started on a relatively strong note with both the mid and smallcap indices gaining 0.3-0.4%, outperforming the BSE benchmark index.
Global Markets
Asian stocks struggled to push higher on Friday, but did get some momentum from data showing strong US growth and calming emerging market nerves after several days of turmoil. The dollar regained the upper hand as solid GDP growth supported the view that the Federal Reserve will continue to taper its stimulus.
With several countries, including Hong Kong and Singapore, observing the Lunar New Year holiday, volume across the region was expected to be lighter than usual.
But MSCI's broadest index of Asia-Pacific shares outside Japan was wavering between positive and negative territory.
Japan's Nikkei stock average outperformed the region, adding 0.5% after economic data suggested the government and Bank of Japan are making progress toward their goal of sparking sustainable growth and defeating deflation.
Japan's core consumer inflation rose at the fastest pace in more than five years in December, the job market improved, and factory output grew.
Overnight, the S&P 500 scored its biggest gain in more than a month on Thursday as Facebook led a tech rally and data showed the US economy was on solid footing in the fourth quarter. The day's rebound pushed the S&P 500 back into positive territory for the week, but the index was still down 2.9% for the month.
The Dow Jones industrial average rose 0.70%, to end at 15,849. The S&P 500 gained 1.13%, to finish at 1,794, its biggest daily percentage gain since December 18. The Nasdaq Composite added 1.77%, to close at 4,123, its best daily percentage rise since October 10.
Sectors & Stocks
On the sectoral front, Auto, Consumer Durables and Power indices started in the red, down 0.3-0.7%.
Meanwhile, Realty index up nearly 2% was the top index gainer followed by Metal, Capital Goods, Bankex, Teck and Health Care indices adding 0.3-0.8%.
NTPC down 3% was the top loser among Sensex-30. Tata Motors, BHEL, HDFC, HDFC Bank, Bajaj Auto, Hindustan Unilever, ITC and Sun Pharma down 0.4-2% were the other notable names in red.
Mahindra & Mahindra and Sesa Sterlite up 2% each were the major gainers in opening trades.
Tata Steel, L&T, Bharti Airtel and Axis Bank were up 1% each.
Index heavyweights, Reliance Industries, TCS and SBI gained 0.7% each
The market breadth was positive owing to the strength in broader markets. 789 stocks advanced while 288 stocks declined on the BSE.
