The Indian equity market traded positive on Friday although benchmark indices were off the day's high as midcaps underperformed. Gains came primarily from largecap stocks like Reliance Industries, Bharti Airtel, HDFC twins and ITC.
The broader 50-share Nifty traded at 10,656, higher by 39 points at 11.46 am, while the Sensex surged 128 points to 35,389.
Broader markets underperformed with the Nifty MidCap down by half a percent. The BSE MidCap traded lower by 0.30 percent.
As many as 26 sectors advanced, led by BSE Telecom which rose 3.38 percent as Bharti Airtel gained over 6 percent on reports of Reliance Jio revising tariffs. This could potentially herald the end of bitter tariff war the sector is facing since the entry of Reliance Jio in late 2016. Other gaining sectors include BSE Energy, Nifty Energy and Nifty Media.
Among 17 declining sectors, the Nifty CPSE dipped the most on reports of the Modi government planning a major stake sale in downstream public sector companies. Nifty Metal and BSE Infra were other major laggards dipping by almost a percent.
Among index gainers, Bharti Airtel, HCL Technologies, Reliance Industries, Eicher Motors, Grasim, HDFC Bank, HDFC and Hero MotoCorp surged by up to 6 percent.
Yes Bank shares declined the most by 7.2 percent, while Indiabulls Housing Finance was lower by 5.25 percent. JSW Steel, ONGC, Tata Steel, Infosys, IndusInd Bank were other major laggards, falling by up to 2.3 percent.
In the currency space, the rupee traded at 71.88 against the US dollar at 12.10 pm. Earlier, the rupee opened flat at 71.99 against the greenback from Friday's close of 71.98.
Also, catch all the action and updates in our Market Live blog
.