Positive global markets and strong earning by IT major Wipro pushed the benchmark indices higher Friday. The Sensex advanced 58 points or 0.35 per cent to 16,702 while the Nifty index jumped 12 points to 5,030 at 0925 hours.
Wipro jumped over 3.5% after it reported higher than expected sales in the third quarter. The company has guided for $1520 million - $1550 million revenue in Q4, a rise of 1-3 per cent. It was the top gainer on the Nifty index. Most other stocks on the Bombay Stock Exchange IT index traded with gains.
Meanwhile, analysts turned bullish in their outlook for Indian markets for the first time in many months on account of sustained gains in 2012.
"This rally has been sharp and can continue with the weekly indicators showing buy mode. The index has gone past the reversal levels and medium to long term set ups are looking good," Independent Market Analyst Sarvendra Srivastava said.
"We may have seen the bottom…but that does not mean this will be a straight one way run. At 5,100-5,150 there might be see some profit booking but you may see buying coming in at these levels," Ambareesh Baliga, Chief Operating Officer of Way2Wealth said.
Most groups of stocks traded with gains. Banking stocks led the rally, rising over 1%. Consumer durables index advanced 1.5%. Energy and metal stocks saw some profit booking.
In stocks moving on news flow, Reliance Power (down 3%) slipped on reports that the Environment Ministry has denied forest clearance to Sasan's Chhatarsal coal block. Reliance Industries traded (down 1.5%) lower ahead of its third quarter earnings today. SKS Micro plunged 5% on poor Q3 numbers.
Positive global markets and strong earning by IT major Wipro pushed the benchmark indices higher Friday. The Sensex advanced 58 points or 0.35 per cent to 16,702 while the Nifty index jumped 12 points to 5,030 at 0925 hours.
Wipro jumped over 3.5% after it reported higher than expected sales in the third quarter. The company has guided for $1520 million - $1550 million revenue in Q4, a rise of 1-3 per cent. It was the top gainer on the Nifty index. Most other stocks on the Bombay Stock Exchange IT index traded with gains.
Meanwhile, analysts turned bullish in their outlook for Indian markets for the first time in many months on account of sustained gains in 2012.
"This rally has been sharp and can continue with the weekly indicators showing buy mode. The index has gone past the reversal levels and medium to long term set ups are looking good," Independent Market Analyst Sarvendra Srivastava said.
"We may have seen the bottom…but that does not mean this will be a straight one way run. At 5,100-5,150 there might be see some profit booking but you may see buying coming in at these levels," Ambareesh Baliga, Chief Operating Officer of Way2Wealth said.
Most groups of stocks traded with gains. Banking stocks led the rally, rising over 1%. Consumer durables index advanced 1.5%. Energy and metal stocks saw some profit booking.
In stocks moving on news flow, Reliance Power (down 3%) slipped on reports that the Environment Ministry has denied forest clearance to Sasan's Chhatarsal coal block. Reliance Industries traded (down 1.5%) lower ahead of its third quarter earnings today. SKS Micro plunged 5% on poor Q3 numbers.
Positive global markets and strong earning by IT major Wipro pushed the benchmark indices higher Friday. The Sensex advanced 58 points or 0.35 per cent to 16,702 while the Nifty index jumped 12 points to 5,030 at 0925 hours.
Wipro jumped over 3.5% after it reported higher than expected sales in the third quarter. The company has guided for $1520 million - $1550 million revenue in Q4, a rise of 1-3 per cent. It was the top gainer on the Nifty index. Most other stocks on the Bombay Stock Exchange IT index traded with gains.
Meanwhile, analysts turned bullish in their outlook for Indian markets for the first time in many months on account of sustained gains in 2012.
"This rally has been sharp and can continue with the weekly indicators showing buy mode. The index has gone past the reversal levels and medium to long term set ups are looking good," Independent Market Analyst Sarvendra Srivastava said.
"We may have seen the bottom…but that does not mean this will be a straight one way run. At 5,100-5,150 there might be see some profit booking but you may see buying coming in at these levels," Ambareesh Baliga, Chief Operating Officer of Way2Wealth said.
Most groups of stocks traded with gains. Banking stocks led the rally, rising over 1%. Consumer durables index advanced 1.5%. Energy and metal stocks saw some profit booking.
In stocks moving on news flow, Reliance Power (down 3%) slipped on reports that the Environment Ministry has denied forest clearance to Sasan's Chhatarsal coal block. Reliance Industries traded (down 1.5%) lower ahead of its third quarter earnings today. SKS Micro plunged 5% on poor Q3 numbers.
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