Nifty breaks above 6050, Oil India dips, Suzlon gains

The BSE Sensex firmed up after muted opening on Friday. It traded 65 points or 0.33 per cent higher at 19,960 while the broader Nifty broke above the 6,050 mark gaining 16 points as of 09.40 a.m.

Markets have been consolidating for the past few days after a sharp run that sent the benchmark indices to a two-year high. Analysts are optimistic that markets would break out of the consolidation on the upside.

"The pre-Budget rally should start any time now and the Nifty is likely to touch a high of 6,250 or so," market analyst Ambareesh Baliga said.

Consumer durables shares were the top gainers, with the index rising over 2 per cent in early trade. Metal and power stocks also saw buying interest. However, FMCG stocks saw some selling pressure.

Oil India shares were down even as the government initiated the offer for sale for offloading 10 per cent stake in the explorer. The offer is likely to get a good response, analysts said. (Read full story)

38 shares traded higher on the Nifty. Bajaj Auto was the top gainer, up 2 per cent, ahead of reporting its January sales. Drug maker Lupin extended its winning streak. Iron ore miner Sesa Goa, Tata Steel and drug maker Cipla traded with 1.5-2 per cent gains.

Mobile carrier Bharti Airtel traded 0.5 per cent ahead of reporting its Q3 numbers.

Cement maker Jaiprakash Associates was the top loser, down 3 per cent. Realty major DLF and state-run Punjab National Bank saw profit taking.

Turbine maker Suzlon jumped another 7 per cent after strong gaining 15 per cent on Thursday.