Markets opened the day higher led by a strong rally in heavyweight Tata Consultancy Services which reported a strong set of Q1 2014 numbers. The Sensex was trading higher by 53 points, while the Nifty rallied 12 points in trade.
The Bank Nifty which rallied sharply in trade on Thursday was subdued with most of the PSU banking stocks losing ground, while private sector banking names like Axis Bank and HDFC Bank continued to gain.
PSU banking stocks that lost ground were IDBI Bank, Canara Bank and Bank of India. Reliance Industries was trading marginally lower ahead of its results to be declared later today. Hexaware Technologies which reported a good set of numbers saw its share price rally in trade.
Realty stocks were subdued in trade today with DLF and DB Realty losing ground while Sobha and Parsvnath gained.
Metal stocks were trading flat with Sesa, Sterlite and Tata Steel trading mildly lower. UCO Bank which has been rallying in the last few trading sessions lost ground ahead of its results to be declared later today.
Meanwhile, most of the Asian markets were trading flat, with only Singapore's Strait Times trading with cuts of 1.5 per cent.