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Benchmark indices have erased gains and have turned flat with Sensex and Nifty swinging between negative and positive zone.
At 9:50, the Sensex was higher by 22 points at 27,258 mark and the Nifty gained by 6 points at 7,242 levels.
The main losers on the Sensex are Axis Bank, Tata Motors, Wipro, SBI and HDFC Bank.
Tata Motors has slipped by 2% at Rs 415 on the BSE after missing estimates by a huge margin, reporting a consolidated net profit of Rs 3,918 crore for the reporting quarter, a drop of 0.68% from Rs 3,945 crore in the same quarter last year.
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Updated at 9:25
Markets have rebounded in trades today tracking positive global cues along with capital goods and oil shares leading the gains.
By 9:25, the Sensex was higher by 90 points at 27,324 mark and the Nifty gained by 29 points at 7,264 levels.
Market slumped on May series futures and options contracts expiry day. Infosys, Reliance Industries and HDFC Bank collectively pulled the benchmark Sensex almost 200 points lower yesterday.
On the global front, Asian shares rose in early trading on Friday, buoyed by another record close on Wall Street, while the dollar groaned under the pressure of slumping US yields.
The S&P 500 index posted its third record closing high in four sessions, as investors shrugged off the first quarterly contraction of the US economy in three years and focused on signs of a strengthening labour market.
MSCI's broadest index of Asia-Pacific shares outside Japan added about 0.2%, on track for a modest weekly rise, after hitting one-year highs for the fifth time in the last six sessions. Japan's Nikkei stock average edged up 0.1%.
Foreign institutional investors (FIIs) sold shares worth a net Rs 522.90 crore on Thursday, 29 May 2014, as per provisional data from the stock exchanges.
Among corporate news, NMDC, L&T, and Mahindra & Mahindra will announce Q4 results today.
On the sectoral front, BSE Capital Goods index has surged by over 1% followed by counters like Power, Oil & Gas, Metal and Healthcare, all gaining by nearly 1% each. However, BSE Auto index has declined by over 1%.
The main gainers on the Sensex at this hour are Bharti Airtel, BHEL, L&T, Sun Pharma, NTPC and ONGC.
On the losing side, Tata Motors, Wipro, Axis Bank, TCS and Infosys have declined between 0.4-3%.
The broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices have gained by nearly 1% each.
The market breadth in BSE remains positive with 766 shares advancing and 288 shares declining.
