Sensex gains 71 points; Nifty above 10700

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Mumbai: The key Indian equity indices opened in the positive territory on Friday tracking gains in the global equity markets.

In the broader market, the BSE Midcap gains 0.4 per cent, while the BSE Smallcap underperformed to lose 0.1 per cent.

On the Nifty, the four biggest gainers apart from Asian Paints were HPCL, Indiabulls Housing Finance, Vedanta and BPCL. "This is because the markets are rangebound", said Rakesh Tarway, head of research at Reliance Securities. Investors will closely watch data on domestic inflation and Karnataka election results which are due on next week.

IT counters spurted after the rupee hit fresh 15-month lows against the USA currency, boosting the dollar revenues of software outsourcers.

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Shares of Asian Paints Ltd hit a record high after strong Q4FY18 results and was among the top contributors to index gains.

On a weekly basis, the Sensex gained 620.41 points, or 1.78 percent, while the Nifty advanced 188.25 points, or 1.77 percent. Both the indices turned positive after the soft inflation data in the US which hinted that the US Federal Reserve may not increase interest rates at a faster pace. United States consumer prices rose less than expected in April, indicating a moderate rise in inflation which could allow the Federal Reserve to continue gradually raising interest rates.

Telecom stocks Idea Cellular and Bharti Airtel plunged 11.83 per cent and 6.44 per cent, respectively on Friday after Reliance Jio announced all-time low tariffs for postpaid customers.

Fortis Healthcare shares were down 1 per cent, a day after the company's board accepted an investment offer worth Rs. 1,800 crore from the Hero Enterprise-Burman Family Office consortium.

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