Benchmark indices surged in early trade, as global markets remained strong following robust cues from the US. Asian markets rallied after the US and European markets closed stronger, with the Shanghai Composite, Hong Hang's Sang and the Singapore's Strait Times all higher in trade.
The Sensex was trading with gains of 179 points, while the Nifty was up 60 points in early trade. The Nifty crossed the 7000 points mark, while the Sensex was above the 23,000 points mark.
Banking stocks were trading mixed with ICICI Bank continuing to see sustained selling pressure, while other notable winners were State Bank of India and Axis Bank.
ONGC, which had seen good buying on Thursday declined after crude prices dropped in trade. Railway stocks were battered with Texmaco Rail losing 7 per cent, while Titagarh wagons also dropped almost 7 per cent in Trade and Kernex was down 5 per cent.
Mid cap stocks saw some buying support with Sun TV, Jindal Steel and DHFL among the early gainers in trade.
Meanwhile, most of the Asian markets surged following strong leads from the US.