The BSE Sensex pared its early gains amid volatile trade after rising over 150 points at its day high. Some selling pressure in auto and capital goods stocks while IT and healthcare stocks were among major gainers.
The Sensex was up 57 points at 22,474, off nearly 100 points from its day's high of 22,575. The Nifty traded 15 points higher at 6,711.
The rupee rose to three-week high of 60.09 per dollar, a level last seen on April 10.
Domestic equities tracked higher Asian shares, while a pickup in buying by overseas investors boosted confidence on the Street. FIIs bought shares worth Rs 454.5 crore on Wednesday, while domestic institutional investors also bought shares. FIIs have been the biggest driver of the current rally, but of late the momentum in FII buying has waned.
Asian shares edged up amid expectations for an upbeat U.S. payrolls report later in the session, which could show the economy shaking off a severe winter. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4 percent. China's markets are closed on Friday.
Ambareesh Baliga, managing partner at Edelweiss Global Wealth told NDTV that markets are likely to be volatile ahead of elections results, but the outlook remains bullish.
"The best of expectations are priced in so it's time to take some profits off the table. Even after the elections, things are unlikely to change overnight," he added.
Banking and IT stocks led the gainers today. Buying was also seen in consumer durables and healthcare stocks.
Among the IT stocks, TCS and Infosys were up over 1 per cent each while HDFC, ICICI Bank and PNB were up between 0.8 per cent and 1 per cent. NMDC was up 3 per cent to be the biggest gainer among Nifty stocks.
Auto stocks came under some selling pressure after April sales disappointed. Maruti Suzuki, whose April sales fell over 11 per cent, traded 1 per cent lower, while M&M traded 1.7 per cent lower. M&M April sales fell 12% to 36,274 units in April.
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