Among the notable gainers from the Nifty were Jindal Steel, Bhel, BPCL, HDFC Bank and Hero Motor Corp. HDFC was trading marginally higher after the housing institution announced a hike in floating home loan rates. ICICI Bank which also announced a hike in lending rates was trading lower.
Metal stocks which had rallied substantially in trade lost ground and were trading lower. Hindalco, Tata Steel and Sterlite were trading marginally lower after substantial gains in the last few trading sessions.
ONGC which had also rallied sharply gave up most gains and was trading 1 per cent lower. Reliance was trading marginally higher after reports of some fresh discoveries.
Heavyweight, ITC was down 2 per cent in trade. The Bank Nifty, however, gained in trade with Yes Bank leading gainers from the Bank Nifty. The stock was up almost 5 per cent, along with Canara Bank which was up 1 per cent and Union Bank which was also up 1 per cent.
Software company Hexaware rallied 2 per cent after reports that Barings would buy the company. Bharti Airtel on the other hand was trading lower after reports in the Economic Times that it was in talks to sell its stake in its Sri Lankan venture.
Realty stocks that had a fierce run up on Wednesday gave up most of the gains. DLF continued to trade lower for a second day in a row.
Meanwhile, most of the markets in Asia were trading higher. The Nikkei jumped 2.51 per cent in trade while the Jakarta Composite was up 1.51 per cent after Thursday's heavy sell off.