Key equity benchmarks opened on a positive note, buoyed by gains in US stocks and Chinese exports beating forecast underpinning investor risk sentiment. The dollar rose to a fresh three-and-a-half-year peak against the yen and nudging up Asian share markets on Friday while weighing on safe-haven gold.

At 09.24 hrs IST, the Sensex is up 101.44 points or 0.52 percent at 19514.98, and the Nifty up 29.50 points or 0.50 percent at 5892.80. Kingfisher rises nearly 5 percent to Rs 10.05, while Jet is up marginally. Cairn India is up more than 1 percent and RIL rises 0.9 percent. M&M shares are up more than 1 percent in opening trade, Sun Pharma up marginally.

Bank of America Merrill Lynch downgraded automakers Mahindra and Mahindra and Bajaj Auto Ltd to “underperform” from “buy” each, citing share gains since mid-2012 and valuations it considered “not compelling.”

BofA Merrill also cut its price target on Bajaj Auto by 16 percent to Rs 1,925, and its price target on M&M to Rs 883  from Rs 965, according to its report dated March 8.

GLOBAL MARKETS ROUNDUP   

Nifty futures on the Singapore Exchange gains 0.02 percent. The MSCI-Asia Pacific index, excluding Japan   was up 0.29 percent.     Overnight gains in U.S. stocks underpinned Asian shares on Friday, but prices were capped ahead of key U.S. jobs and Chinese trade figures due later in the session, while the dollar hovered near a 3-1/2-year high against the yen.

U.S. stocks closed modestly higher on Thursday, with the Dow ending at a record for a third straight day as jobless claims data pointed to a pick-up in the labor market’s recovery a day before the closely watched payrolls report.

Finance Minister to address boards of RBI and SEBI    India’s Chief Economic Advisor Raghuram Rajan and Chairman of the Prime Minister’s Economic Advisory Council C Rangarajan will address an industry meeting The Indian government will sell a 12.5 percent stake in Rashtriya Chemicals and Fertilizers (RCF) Ltd through an auction of shares to raise about $57 million.

The long-drawn legal battle between the Comptroller and Auditor General (CAG) and Reliance Industries Ltd over the scrutiny of the financial and physical performance of the company’s KG-D6 gas block has been resolved, said petroleum minister M Veerappa Moily.