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The 30-share Sensex, which had gained 568 points in the last three sessions, advanced further by 173.11 points, or 0.99 per cent, to 17,604.96.
Similarly, the National Stock Exchange index Nifty rose by 55.95 points, or 1.06 per cent, to 5,325.85 with blue-chips, led by Reliance Industries and Infosys, recording gains.
Brokers said market sentiment remained buoyant on reports that the Reserve Bank of India might slash interest rates in view of slowing food inflation.
Sensex heaviest Reliance Industries rose by 1.10 per cent to Rs 837.75 and second heaviest Infosys gained 0.96 per cent to Rs 2,779.95.
The realty sector index gained the most by rising 2.15 per cent to 1,784.17, followed by healthcare index which gained 1.69 per cent to 6,411.72 as Dr Reddys surged 2.16 per cent to Rs 1,670.50 on encouraging quarter earnings.
Others on the plus side were Bharti Airtel, Sun Pharma, Tata Consultancy Services, ONGC, Mahindra and Mahindra, Tata Motors, ICICI Bank, Hindustan Unilever, HDFC Bank, BHRL and Cipla.
Markets @ 10.20 AM (Reuters)
The BSE Sensex was subdued on Friday as some profit-taking emerged after the index rose more than 3 percent in the last three sessions, and as weak Asian markets ahead of key US jobs data dented investor sentiment.
Still, the benchmark index is set to post its fifth consecutive weekly rise, boosted by a revival in foreign fund inflows and hopes of a reduction in interest rates by the country's central bank to boost growth.
Bharti Airtel was up 2.4 percent at Rs 395, extending its gains of nearly 7 percent in the previous session, as analysts expect the top mobile operator to benefit from the Supreme Court ruling on Thursday to revoke 122 licences.
The Supreme Court ordered telecoms licences issued under a scandal-tainted 2008 sale be revoked.
Citigroup said in a note that the development was positive for players like Bharti as it would lower competition and give better pricing power. The brokerage said it maintained its "buy" rating on Bharti.
The main 30-share BSE index was down 0.19 percent at 17,397.79 by 10:20 a.m., with 14 of its components falling.
"Some correction was expected after the recent gains, but as long as the foreign inflows remain strong I don't think we will see a sharp fall from these levels," said KK Mital, head of portfolio management at Globe Capital Market in New Delhi.
The BSE index is up nearly 13 percent this year, bolstered by surging overseas portfolio investments. Foreign investors bought shares worth about $2 billion last month, helping the benchmark post its best January rise in 18 years.
The index declined nearly 25 percent in 2011, as surging inflation and interest rates dimmed the growth outlook for Asia's third-largest economy and company earnings. The global economic uncertainty also triggered a flight from risky assets.
Analysts said investors were picking up stocks from select sectors such as banks and infrastructure on hopes of rate cuts by the central bank and some positive economic data, though concerns remain about the health of the global economy.
India's manufacturing sector grew at its fastest pace in eight months in January as factory output surged the most on record on increased domestic and foreign demand, a business survey showed on Wednesday.
The services sector grew at its fastest pace in six months during January as new business swelled, extending the previous couple of months' positive trend into the new calendar year, a survey showed on Friday.
Shares in Dr Reddy's Laboratories Ltd rose 1.6 percent to 1,658 rupees ahead of its quarterly earnings. The No. 2 drugmaker by sales is likely to post a jump in third-quarter profit helped by launch of new generics in its main US market.
Syndicate Bank Ltd gained 2.6 percent to Rs 101.70. The state-run bank said late on Thursday its board would consider on February 11 a proposal to issue shares to the government on a preferential basis.
The 50-share NSE index was down 0.16 percent at 5,261.75 points. In the broader market, there were 1.3 gainers for every loser on relatively strong volume of more than 190 million shares.
STOCKS ON THE MOVE
* UltraTech Cement, India's largest cement maker, was up 0.5 percent at Rs 1,270 after its shipments in January rose an annual 11.2 percent.
* Hotel chain operator EIH Ltd gained 1.7 percent to Rs 91.40 after it reported a 59 percent rise in quarterly net profit.
* Drugmaker Aanjaneya Lifecare rose 2.5 percent to Rs 552.10 after it agreed to buy Apex Drugs & Intermediates Ltd.
Markets @ 09.00 AM (PTI)
The BSE benchmark Sensex today moved up by another 37 points in early trade, on continued buying by funds and retailers even as trend on other Asian markets remained slightly subdued.
The 30-share index rose further by 37.08 points, or 0.21 per cent, to 17,468.92. It has gained over 568 points in the past three sessions.
In a similar fashion, the wide-based National Stock Exchange Nifty index gained 9.45 points, or 0.17 per cent, at 5,279.35.
Healthcare, power, PSUs, IT and oil and gas sector stocks maintained their upward journey, helping Sensex to trade in the positive zone.
Brokers said continued buying by FIIs on the Indian bourses and encouraging quarterly earnings by some corporates mainly buoyed the trading sentiment but a weak trend on other Asian bourses, capped the gains here.
In Asia, Hong Kong's Hang Seng Index shed 0.19 per cent and Japan's Nikkei Index by 0.10 per cent in early trade today.
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