NEW DELHI: Easing oil prices and a strengthening rupee favoured an upbeat start for the benchmark indices on Friday as domestic markets near an end to the truncated week.Oil prices slipped, keeping the market in the green zone, extending a steep fall from the previous session on surging US output and an expected supply increase from producer club Opec and putting crude on track for a second week of declines, Reuters reported.
Brent crude oil futures were at $70.56 per barrel, down 19 cents, or 0.3 per cent, from their last close.
Amid persistent FII buying and a fresh fall in crude oil prices, the rupee appreciated against the US dollar.
The domestic unit gained 6 paise at 69.29 against the greenback.FIIs were net buyers to the tune of Rs 598 crore on Thursday, data available with NSE suggested.At around 9:30 am, BSE sensex was up 96 points or 0.25 per cent at 39,078 while NSE Nifty gained 22 points or 0.19 per cent to trade at 11,747."A decisive breakthrough above 11,800-11,850 levels is essential to regain momentum on the upside, failure to do so could keep ongoing trading band of 11,550-11,850 intact," said YES Securities.In the 50-pack index, 38 stocks advanced, while 12 declined.Among Sensex stocks, 24 traded in the green zone and six in the red.
Bharti Airtel was the biggest gainer, rising 1.40 per cent amid an appellate tribunals decision to stay the telecom departments demand for dues of over Rs 9,000 crore from Bharti Airtel as a precondition for approving its acquisition of Tata Teleservices consumer mobility division.
Yes Bank, ONGC, Asian Paints and Power Grid were among other gainers.
HCL Tech was the biggest loser, down 2.56 per cent, followed by Infosys, TCS, Tata Steel, HUL and vedanta.BSE Midcap and BSE Smallcap reversed yesterday's losses, rising 0.20 per cent and 0.29 per cent.On the BSE sectoral only FMCG, IT, Metal and Teck were the losers, rest all sectors were trading higher.
Realty was the biggest gainer, up 1.27 per cent, driven by DLF.The markets would keep an eye on stocks such as Tata Chemicals, LT Technology Services, Birla Corporation, Hindustan Unilever, Godrej Consumer Products, HSIL and Aavas Financiers which will report their March quarter results on Friday.
Elsewhere, Asian share markets were subdued on Friday amid thin holiday trade.
Australia's benchmark index was last up 0.2 per cent, New Zealand shares were off 0.5 per cent while South Korea's KOSPI slipped 0.3 per cent.
Trading volumes were light across Asia with markets in China and Japan still closed for holidays.