Domestic equity benchmark BSE Sensex on Friday reclaimed the 40,000 mark and the NSE Nifty inched closer to 12,000 level ahead of the Union Budget presentation.
The 30-share index was trading 114.67 points, or 0.29 percent, higher at 40,022.73 at 0930 hours. Similarly, the broader Nifty was quoting 31.85 points, or 0.27 percent, up at 11,978.60.
K Joseph Thomas - Head of Research, Emkay Wealth Management, said,
"The market is eagerly looking forward to the Budget proposals, especially for those things that matter for speedy recovery or revival in growth and employment."
Response from the market would depend to a large extent on the measures to enhance agrarian employment and productivity, and thereby demand, he said, adding that the fiscal deficit level and the glide path are also important as the markets have a dislike for major deviation from the direction set.
Top gainers in the Sensex pack in early trade included IndusInd Bank, L&T, HUL, Kotak Bank, HDFC Bank, Asian Paints, Bajaj Auto, and RIL, rising up to 1.14 percent.
On the other hand, Yes Bank, ONGC, Vedanta, NTPC, Tata Motors, Hero MotoCorp, ITC, Bharti Airtel and TCS were among the losers, shedding up to 1.82 percent.
In the previous session, the BSE gauge settled 68.81 points, or 0.17 per cent, higher at 39,908.06, while the Nifty climbed 30 points, or 0.25 per cent, to 11,946.75.
On a net basis, foreign institutional investors sold equities worth Rs 28.95 crore, while domestic institutional investors purchased shares to the tune of Rs 58.59 crore, provisional data available with stock exchanges showed on Thursday.
On the currency front, the Indian rupee depreciated 16 paise to 68.66 against the US dollar.
Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Nikkei, and Kospi were range-bound in their respective early sessions.
Meanwhile, the global oil benchmark Brent crude futures were trading 0.05 percent lower at 63.27 per barrel.