At 9:18 am, (0348 GMT), the main 30-share BSE index was up 0.54 per cent at 16,736.1, with 22 of its components rising.

The 50-share NSE index was up 0.44 per cent at 5,040.15.

PREOPEN: Sensex seen higher; Wipro, Reliance in focus

Indian shares are expected to open higher on Friday after strong earnings by US banks boosted global markets.

Wipro will be in focus after the No. 3 Indian software services exporter reported a 10.4 per cent rise in December quarter profit, almost in line with market expectations.

Energy conglomerate Reliance Industries will also be on the radar ahead of its quarterly earnings expected after market hours. Reliance is expected to report its first drop in quarterly profit in more than two years, as refining margins narrow and gas output from its offshore fields slows down.

Reliance, which saw its stock sliding by more than a third in 2011, is also set to take a decision on its first share buyback since 2005, seeking to boost the share price.

The stock has risen 7.7 per cent in last two sessions after the company said its board would consider a share buyback.

By 0158 GMT, the MSCI's broadest index of Asia Pacific shares outside Japan was up 0.35 per cent, while the Nifty India stock futures in Singapore were up 0.5 per cent, indicating a higher start for the Indian market.

The 30-share BSE index rose 1.2 per cent on Thursday to 16,643.74, its highest close since Dec. 7.

STOCKS TO WATCH

* Hero MotoCorp may rise after the top Indian motorcycle maker posted a 43 per cent rise in quarterly net profit.

* SKS Microfinance will be watched after a top official said the company hopes to turn to profit by April-June after a third straight quarterly loss in FY12, on better recoveries and greater reach beyond Andhra Pradesh state.

* KNR Constructions Ltd is likely to rise after the company said it has received an order worth Rs 2.07 billion.

FACTORS TO WATCH

* Euro cheered by Spain's debt auction; China data next

* Brent crude rises on euro zone optimism

* Shares gain as Europe funding worries recede

* Wall St rises on bank results, but Google sinks late

Company INFO

More on stocks

Stocks