Equity benchmark indices opened higher for the second consecutive session as the sentiment turned positive on the strong buzz that the government will axe higher FPI tax. Also, a recovery in global markets aided the sentiment.
On the economy front, as media report reports, Finance Minister Nirmala Sitharaman and senior finance ministry officials are likely to meet financial sector representatives today, as per a plan of consultation announced last week.
The Sensex is up 200 points to 37,528, while the Nifty is at 11,097, up 65 points. Shares of Maruti Suzuki, Bajaj Finance were among the biggest gainers jumping up to 1.5% on the BSE.
The Indian rupee opened higher by 14 paise at 70.55 per dollar vs. Thursday's close 70.69/$.
Shares of Jamna Auto Industries slipped 1% after the company has made changes in the production schedule for all its plants. The plants may not run or partially run on all working days in August and shall carry out routine maintenance and cleaning during non-working days.
Shares of Yes Bank are trading flat after opening higher on the BSE. The bank has launched a qualified institutional placement issue to help it meet an urgent need for capital.
Indiabulls Housing, Power Grid and UltraTech are among top gainers, while Tata Motors, Tech Mahindra and M&M were the top losers on the NSE.
India VIX is trading 0.77% lower at 15.96.
Meanwhile, oil prices rose aided by expectations of more production cuts by OPEC amid fears the US-China trade row could lead to a global slowdown, curbing demand for crude.