Indian markets rose on Friday, led by gains in auto, metal and software shares. It wasn't a much eventful session as markets wandered in the positive terrain throughout the day after a short glimpse of red territory at open. Despite positive close on the bourses, the undertone of the market was cautious due to worries over strength of the global economic recovery and sustainability of the recent run-up in stocks. While buying activity was primarily evident at higher level, second-line counters witnessed an assorted response from buyers inducing a flat close on broader indices. Shares of realty and consumer durables companies failed to grab attention of investors. Among heavy-weights, ONGC emerged strong after oil ministry approved the proposal for increasing the price of regulated gas, while association with Dow Chemical Company helped TCS gain vigor in the day's trade. Finally, the 30-share BSE Sensex added 152.80 points or 0.92% to end at 16,848.83, while the S&P CNX Nifty rose 46.30 points or 0.93% to settle at 4998.95.

The US markets closed with gains on Friday on the back of upbeat earnings news from major retailers and The Walt Disney Co. Though, in the beginning the markets tripped after a report found that the mood of consumers declined further this month. The preliminary Reuters/University of Michigan consumer sentiment index for November came in at 66.0, down from 70.6 in October, but later the encouraging earning reports from Disney as well as Abercrombie & Fitch Co. and J.C. Penney Co. offset worries about a slide in consumer confidence. The Dow Jones Industrial Average gained 73.00 points, or 0.72%, to 10,270.47. The broader Standard & Poor's 500 index was up by 6.24 points, or 0.57%, to 1,093.48 and the Nasdaq composite index rose 18.86, or 0.88%, to 2,167.88.

The Crude prices declined to its lowest since October on Friday. The traders were worried about the rise in supply of oil and gas and decline in consumer demand. The crude prices surged in recent times as the traders preferred to hedge crude to protect themselves from a weakening dollar. Benchmark crude for December delivery lost 59 cents to settle at $76.35 a barrel on the New York Mercantile Exchange. In London, Brent crude for December delivery gave up 47 cents to settle at $75.55 on the ICE Futures exchange. 

The Indian rupee bounced back on Friday, the start of the domestic currency was soft, tracking the weakness in the regional stock markets but as the local stock markets recovered, the rupee followed the suit and went to near its three week high in the intraday trade. Dollars decline against other major currencies underpinned the sentiments. The rupee closed at 46.32,33 paise stronger compared to its Thursday's close of 46.65.

The FII on Friday were the net buyers in both equity as well as debt segments. In equity segment the gross buying was of Rs 2517.40 crore against gross sell of Rs 2366.00 crore, while in the debt segment the gross purchase was of Rs 639.30 crore with gross sales of Rs 334.40 crore.

The US markets made a comeback on Friday and closed with gains as major retailers reported good earning and boosted the morale of the investors. The whole Asian pack is in pretty jubilant mood today with major indices surging by more than 1%.The global cue for the domestic markets are positive and the start is likely to be a gap-up. The buzz to allow insurance companies to invest in equity derivative will keep the market sentiments high.

Support and Resistance: S&P CNX Nifty and BSE Sensex

                                                             Nifty Top volumes

• Unitech Wireless has given a contract to business process outsourcing company Genpact to provide multiple customer service solutions.
• Suzlon Energy's German subsidiary REpower has posted a 21.5% increase in net profit.
• SAIL's Bhilai Steel Plant has floated a global tender to appoint a consultant to prepare a detailed project report to develop the Rowghat iron ore deposit site.
• BHEL has decided to setup a marketing office in Kazakhstan in a move to diversify its business abroad.
• Government is expecting to get over Rs 8,000 crore from the stake sale in NTPC.