On Friday, after two days of losing streak, the benchmark Indian indices opened higher. At 9:18 AM, the Sensex was up 338 points at 49,903 while the Nifty rose 115 points to 15,021.
Oil marketing companies were early gainers.
The 30-share BSE index was trading 408.56 points or 0.82 percent higher at 49,973.42, and the broader NSE Nifty surged 119.35 points or 0.80 pe cent to 15,025.40.
IndusInd Bank was the top gainer in the Sensex pack, advancing around 3 per cent, followed by Kotak Bank, SBI, HDFC Bank, ICICI Bank and Bajaj Finance.
On the other hand, PowerGrid was the sole loser.
In the previous session, Sensex finished at 49,564.86, down 337.78 points or 0.68 percent, and Nifty closed 124.10 points or 0.83 percent lower at 14,906.05.
Foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 71.04 crore on Thursday, as per provisional exchange data.
Domestic equities look to be good as of now, said Binod Modi Head-Strategy at Reliance Securities told PTI, adding that benchmark indices witnessed sharp run-up this week despite selling pressure seen in the last two days as daily caseload in the second wave of COVID-19 continued to be below 3 lakh, which offered comfort and may result in lifting of ongoing state-level lockdowns sooner.
Further, assumption of second wave of COVID-19 to peak-out by the end of May or mid of June holds true and the adverse impact of the second wave should not be felt beyond 1QFY22, he noted.
Key companies announcing their quarterly results today includes State Bank of India, Hindalco Industries, JSW Steel, Shree Cement, Godrej Industries, South Indian Bank Crompton Greaves Consumer Electricals etc. Immediate support and resistance for Nifty 50 are 14,800 and 15200 respectively.
Asian stocks up
Asian stocks rose on Friday, setting the region up for a weekly gain, as investors tempered fears about hot inflation and the prospects of an early tapering of stimulus by the Federal Reserve. Japan's Nikkei jumped 1 percent, while MSCI's broadest index of Asia-Pacific shares outside Japan added 0.6 percent, Reuters said.
The international oil benchmark Brent crude was trading 0.09 percent higher at $65.16 per barrel.
Fuel rates up
Petrol and diesel prices were hiked after being unchanged for two days. In Delhi, petrol prices are up by 19 paise from Rs 92.85 per litre to Rs 93.04 per litre. Diesel prices are up by 29 paise from Rs 83.51 per litre to Rs 83.80 per litre.
Petrol and diesel prices are the highest in Mumbai. In Mumbai, petrol is being retailed at Rs 99.32 per litre and diesel is sold at R 91.01 per litre. In Chennai petrol prices are retailed at Rs 94.71 and diesel at Rs 88.62 per litre. In Kolkata petrol is available at Rs 93.11 and diesel at Rs 86.64 per litre.
The price of petrol has crossed Rs 100 per litre in some districts of Maharashtra, Madhya Pradesh and Rajasthan. Diesel, too, is retailing over Rs 90 per litre across many districts in the country.