Sensex up 45 points in early trade
The 30-share barometer, which lost over 431 points in the past five trading days, rose by 45.13 points, or 0.24 per cent, to 18,516.50, led by gains in stocks of realty, consumer durables and power sectors.
Similarly, the wide-based National Stock Exchange index Nifty moved up by 7.90 points, or 0.14 per cent, to 5,638.90.
Brokers said fresh round of buying by major players largely in select heavy-weight stocks amid a firming trend in Asian markets helped trading sentiments improve. Meanwhile, in Asia, Hong Kong's Hang Seng index rose 0.45 per cent, while Japan's Nikkei gained 1.88 per cent.
The US Dow Jones Industrial Average ended 0.23 per cent lower in yesterday's trade as fiscal woes continued to dent confidence.
GLOBAL MARKET NEWS
Nifty futures on the Singapore Exchange fell 0.04 percent.
The MSCI-Asia Pacific index excluding Japan was flat.
U.S. stocks were little changed on Thursday as the prospect of a drawn-out battle over impending tax and spending changes made investors wary of getting into the water.
Asian shares steadied on Friday after falling nearly 2 percent this week amid concerns about the looming U.S. fiscal cliff, while Japanese stocks rallied for a second day on expectations of further monetary policy easing after an election next month.
FACTORS TO WATCH
India's foreign reserves and bank lending data (1130 GMT)
Inter-ministerial panel meets on coal block allocations to state-run firms.
The Indian government will ask Wal-Mart Stores Inc to turn over some documents as part of a probe into whether the U.S. retailer violated foreign ownership rules.
Separately, Wal-Mart also said it has opened internal inquiries or investigations into bribery allegations in Brazil, China and India - additions to its original probe in Mexico.
India is open to further reforms to lure overseas investors into its airlines, a government source said, after a dearth of interest following changes to investment rules left Kingfisher and others still short of much-needed funds.
Westpac Banking Corp, Australia's third-largest lender by assets, said on Thursday it has opened its first branch in India that will offer wholesale and retail banking services including trade finance, deposits and remittances.
Brokerage Emkay Global said it has tied up with the UK's investment bank Icon Capital for offering various advisory services.
Upstream oil regulator Directorate General of Hydrocarbons has given the nod to Reliance Industries to drill a well as part of the $1.529 billion plan to develop four satellite gas fields around the now flagging main fields in the eastern offshore KG-D6 block.
Vedanta Resources Plc may cut output at its four-year-old aluminium smelter in India as it grapples with a shortage of raw material, two people familiar with the matter said.
India's mobile phone market is bound to consolidate after an expensive licensing process, helping Norway's Telenor turn a profit in the country after years of losses, finance chief Richard Olav Aa said.
Private equity firm Xander Group is acquiring a 1.2 million-sq ft retail and hotel project of real estate developer Ozonegroup for about 3.5 billion rupees, a person familiar with the deal said.
Air India's bond sale worth 74 billion rupees ($1.35 billion) was fully subscribed and would save the company about one billion rupees a month in interest payments, the aviation secretary K.N. Srivastava said on Thursday.
Air India is set to mandate Delhi-based real estate consultant DTZ International Property Advisors Pvt. Ltd to help it raise money by selling, leasing or redeveloping its real estate assets, according to airline and property consultancy executives.
Indian airlines are set to witness over 42 percent utilisation of seats allowed for overseas destinations, government data shows, surpassing for the first time in eight years the capacity used by foreign carriers flying into the country.
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