On Friday, domestic stock markets started session on a higher note. The S&P BSE Sensex rose as much as 166.77 points to 38,897.63, and the Nifty moved to 11,697.55, up 55.75 points from the previous close. Strength in financial, metal and pharma stocks supported the markets, however weakness in auto shares kept the upside in check. At 9:42 am, the Sensex traded 42.04 points higher at 38,772.90, while the Nifty was up 27.30 points at 11,669.10. Tata Steel, Indian Oil, Bharti Infratel, JSW Steel and Axis Bank - trading between 1.50 per cent and 4.09 per cent higher - were the top percentage gainers on the 50-scrip index at the time.

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Axis Bank, Infosys and Tata Steel shares contributed to the most to the advances on Sensex. Equities in other Asian markets were subdued while the dollar held near two-year highs against the euro on speculation that data later in the day will show the US economy outperforming the rest of the developed world. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.1 per cent. Japan's Nikkei traded down 0.7 per cent amid a rise in yen and mixed economic data. International crude oil prices moved lower, a day after hitting $75 per barrel for the first time in nearly six months. Brent crude futures - the global benchmark for crude oil - were last seen trading 20 cents lower at $74.15 a barrel.

The Sensex and Nifty had finished 0.83 per cent and 0.72 per cent lower on Thursday, amid a selloff across banking, financial services, fast-moving consumer goods and metal stocks.

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