The day's begun with a positive note!

The Nifty started Friday on a positive note with shares such as BHEL, Larsen & Toubro and Hindalco leading the early charge as traders latched on to some beaten down valuations and brokerage upgrades.

TCS, whose first quarter sales missed analysts estimates, fell 16 rupees at 2,505 in the first 10 minutes of trade.

Nifty's Advance-Decline Ratio stood at 3:1 with the Index quoting 30 points higher at 8,359. The Nifty is likely to see resistance coming in at 8,420-8,370 levels and the support at 8,325-8,275 points. Other major indices in the early morning uptrend were CNX Metals Index and CNX Media Index.

On the Bombay Stock Exchange, the Sensex was up a modest 94 points at 27,668. The Advance-Decline Ratio stood at 7:3 on the Index, where Vedanta, ICICI Bank and Coal India were among the early winners.

Britannia, Avanti Feeds, Eveready and Huhtamaki Papers were the stocks that hit fresh highs on the National Stocks Exchange. On the volume buzzers chart were Bhushan Steel, Monnet Ispat and R S Software.

Foreign funds continued to remain net sellers on Indian equities on Thursday. The sold net 254 crore rupees of stocks, their 5th straight day of sales and their sales in the derivatives markets stood at 1,247 crore rupees in Index Futures and 497 crore rupees in Stock Futures. These numbers point to further weakness in Indian stocks.

And now for a bit of good news: the IMF has retained its forecast for global growth at 3.8 percent for 2016. It pegs India's GDP expansion at 7.5 percent, making us the fastest growing economy in the world.

(Image credits: paladinpost)