At 9:40 a.m., Sensex was up 222 points or 0.28 percent at 77,700 and Nifty was up 71 points or 0.30 percent at 23,638.

Selling is being seen in banking shares. Nifty Bank is down by 109 points or 0.21 percent at 51,665.

There is a bullish trend in small and medium stocks. The Nifty midcap 100 index is at 55,728, up 252 points or 0.48 percent, and the Nifty smallcap 100 index is at 18,376, up 109 points or 0.60 percent.

Tech Mahindra, Infosys, TCS, HCL Tech, Wipro, Bharti Airtel, Bajaj Finserv, Titan and Power Grid are the top gainers. Tata Steel, Tata Motors, HUL, Kotak Mahindra, HDFC Bank and Reliance are the top losers.

Tokyo, Shanghai, Hong Kong and Seoul are in the red. The markets of Bangkok and Jakarta are trading with gainers. The US markets closed positive on Thursday.

According to market experts, “The market is in a consolidation phase. There are no major triggers for aggressive buying or selling. Strong up moves will attract profit booking.”

“Even when the market consolidates, leading private sector banking stocks have the potential to move up further. Large delivery-based buying is happening in this segment,” they added.