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Benchmark share indices extended gains on buying interest in IT majors after robust July jobs data in the US, the largest market for software, fuelled hopes of new orders going forward. Financial shares were also among the top gainers.
At 10:35AM, the 30-share Sensex was up 166 points at 28,402 and 50-share Nifty was up 52 points at 8,616
In the broader market, the BSE Mid-cap index was up 0.7% and Small-cap index was up 0.6%. Market breadth was positive with 1,413 gainers and 663 losers on the BSE.
The Indian rupee was trading marginally higher at 63.77 to the US dollar compared to the previous close of 63.80.
Foreign institutional investors were net sellers in equities to the tune of Rs 94 crore on Friday.
"For the SENSEX resistance is at 28275 above 28343. Support is at 28205 below 28100 and 28087. For the NIFTY resistance is at 8596 above 8620. Support is at 8555 below 8517," Geojit BNP Paribas Financial Services said in a note.
GLOBAL MARKETS
Asian shares recouped early losses and China's Shanghai Composite surged shrugging off weak export data. Exports in July dropped 8.3%, the highest decline in four months. Shanghai Composite was up 3% while Hang Seng was down 0.3%. Japan's Nikkei was up 0.3% and Straits Times was up 0.2%.
SECTORS & STOCKS
Most sectoral indices were in the green except for Metal and Consumer Durables which were trading flat with negative bias. BSE IT, Bankex, Power, Oil and Gas were among the top gainers.
IT majors which earn most of their revenues from exports to the US were up on the back of robust US jobs data. TCS, Wipro, HCL Technologies and Infosys were up 0.1-1% each.
In the financial space, SBI was up 0,5% ahead of its April-June earnings on Tuesday and mortgage lender HDFC was up nearly 2%. Among others, ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank were up 0.6-1% each.
Dr Reddy's Labs extended gains and was up 0.8% after the company announced strategic tie-up with US-based biotechnology company Amgen to market and distribute three of its medicines in India in the areas of oncology and cardiology.
Vedanta was up 0.5% on reports that the company would restart its mining operations in Goa from today after it had shut down operations for nearly three years.
Tata Motors was down 1.2% on weak after the auto major last week reported 49% drop in net profit at Rs 2,769 crore for the quarter ended June because of lower Jaguar Land Rover sales in China.
Among other shares, Mukta Arts is locked at the upper circuit of 20% at Rs 41.10 on the BSE on reports that Foxconn Technology may pick up a stake either in the company or one of its arms.
