Sensex volatile; FIIs selling weighs, rupee watched

Reuters Market Eye - The Sensex is up 0.37 percent, while the Nifty also gains equally. Shares in metal companies continue to gain for a second day after a positive reading on China's manufacturing sector on Thursday.

Jindal Steel and Power is up 4.5 percent while Tata Steel gains 0.8 percent.

Reliance Industries gains 0.6 percent after the company announced a new gas condensate discovery off the east coast of India in the Cauvery basin with British oil company BP Plc .

Blue chip shares such as ITC fall 2 percent on fears of foreign selling unless rupee recovers meaningfully.

Traders continue to remain wary of foreign flows at a time when overseas investors who had been net buyers of Indian stocks in 2013 sold a net 45.41 billion rupees worth of shares in the five sessions through Thursday.

 

(Reporting by Abhishek Vishnoi)