Nifty hovers around 6,500; broader markets buck trend

IT, Health Care and Consumer Durables scrips decline

Markets continue to trade firm with the benchmark indices gaining 1.5% each as foreign portfolio investors extended their buying streak to a 15th straight day totaling over $1 billion, helping BSE Sensex rise to record high.

At 1300 hrs, the Sensex was up 329 points at 21,843 and the Nifty surged over 100 points to trade at 6,501.

However, there was a tinge of weakness in the broader markets. Both the small and midcap indices were flat with a negative bias.

Rupee

The Rupee was quoting at 61.02 to a Doallar at 1300 hrs.

Earlier in the day, the rupee strengthened above 61 to the dollar to a near three-month high on Friday after foreign investors posted their biggest daily purchases of shares this year in the previous session.

The partially convertible currency rose to 60.95 to the dollar, a level last seen Dec 9.

Sectors and Stocks

Even as the indices surged to new highs, defensive pockets like IT, Health Care indices were down 2% each. Consumer Durables index down 0.2% was another weak pocket in noon trades.

On the other hand, Bankex, Capital Goods, Realty, Power indices gained 2-5%.

Metal and Oil & Gas indices added 1.4% and 2.6% respectively.

IT heavyweights like TCS, Wipro and Infosys declined 2-4%.

Pharma names like Dr Reddys Lab, Sun Pharma were down 4% and 1.3%.

Gail India, Hero MotoCorp and NTPC which slipped 0.1-1.8% rounded off the losers list among sensex-30.

Among the top gainers of the hour were banking majors ICICI Bank, Axis bank and SBI up 5-7%.

Index heavyweights L&T and Reliance Industries advanced 5&% each.

Bharti Airtel, BHEL, Maruti Suzuki, Coal India, Mahindra & Mahindra, Hindalco and Bajaj Auto up 2-4% were the other prominent gainers.

The market breadth was marginally negative owing to the weakness in broader markets. 1,304 stocks declined while 1,252 stocks advanced on the BSE.

Global Markets

Asian stocks rose on Friday, buoyed by Wall Street's gains the previous day, but investors remained cautious ahead of the U.S. nonfarm payrolls report later in the session.

MSCI's broadest index of Asia-Pacific shares outside Japan was up about 0.3%, and Tokyo's Nikkei rose 0.6%.

Japan's Nikkei share average rose to a fresh five-week high on Friday as a weak yen lifted risk appetites following better-than-expected U.S. jobless claims and the European Central Bank's decision to keep its rates unchanged.

The Nikkei ended 0.9% higher at 15,274.07, the highest closing level since January 29. For the week, the index rose 2.9%.