Markets remain volatile; Nifty above 6,000

Benchmark indices are marginally higher amidst volatile trades on Friday morning, as index heavyweights TCS and Infosys gained by almost 1% each to turn the markets green.

At 10:50 hours, the 30-share Sensex had gained 39.80 points at 20,233.15, while the Nifty-50 was up by 0.16% to 6,010.80.

The broader market indices were slight above the benchmark, with the BSE Midcap and Smallcap gaining by 0.28% and 0.29% respectively, compared to the 0.21% gain in the Sensex.

Market breadth turned positive, with 1041 advances, 760 declines, and 107 scrips remaining unchanged.

At 62.27, the rupee has appreciated compared to its previous close of 62.42 on Thursday. Weak US retail sales data has raised some investors' expectations for a slower reduction in the US Federal Reserve's monetary policy stimulus programme.

Asian markets remained mixed as Hong Kong's Hang Seng was up by almost 0.5% to 22,264.42 while Nikkei-225 decreased by more than 1.51% to 14,314.89. Singapore's Strait Times remained relatively flat compared to its previous close.

Sector and Stocks

Sectorally, BSE IT was the main gainer, increasing 0.91%, while Bankex, Power, Auto, Oil and Gas, Consumer Durables, and Healthcare also made modest gains between 0.05-0.8% each. Metal, Realty and Capital Goods were the major losers, down by more than 0.2-0.6% each.

Bharti Airtel was up by more than 2% as concerns over the spectrum auction finally came to an end yesterday. GAIL, NTPC, Tata Motors, TCS, and Infosys were the other notable gainers, increasing by 1-2% each.

On the flipside, BHEL was down by almost 2.5%. Baja Auto, Sesa Sterlite, Hindalco, and Coal India were also down by 1-2% each.

Among other stocks, Amtek India has gained by more than 5% to Rs 62.90 on reporting a more than double net profit at Rs 60 crore for the third quarter ended December 31, 2013 (Q3), on back of strong operational performance. The company had profit of Rs 28 crore in the same quarter last fiscal.

Future Retail has soared nearly 18% to Rs. 95.50 on back of heavy volumes after the company has reported a net profit of Rs 21.74 crore for the fourth quarter ended December 31, 2013 (Q4).The company had posted net loss of Rs. 20.41 crore in the same quarter last year.

Igarashi Motors India has rallied by more than 11% to Rs 92.20 after reporting a robust 123% year-on-year (yoy) jump in net profit at Rs12.57 crore for the third quarter ended December 31, 2013 (Q3), on back of strong operational revenue. The company had profit of Rs 5.63 crore in the same quarter last fiscal.