Indian shares opened higher on Friday with Nifty rising above 12,000 and Sensex touching 40,000 as investors are hopeful that the second term of Narendra Modi, with a historic mandate, may take new measures to lift India's economic growth. Oil prices falling to the lowest level in nearly three months also added to the sentiment.

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Investors await fourth-quarter gross product domestic data due later in the day.

Meanwhile, Asian shares sank as investors feared US President Donald Trump’s shock move to slap tariffs on Mexico risked tipping the United States into recession and as China Manufacturing PMI for May came below expectations.

At 9:20 am, the BSE Sensex was up 188 points at 40,021 and NSE's Nifty50 was trading 62 points higher at 12,008.

Asian Paints, BPCL, TCS, IOC, and Bhati Airtel were the top gainers on Nifty50 index, while Sun Pharma, M&M, Eicher Motors, Zee and Grasim led the losses.

All sectoral indices were positive in the morning deals. Nifty PSU Bank gained the most, up 1 percent followed by Nifty Metal and Nifty IT up 0.8 percent each.

Nifty Bank hit a record high in opening deals led by gains in SBI, RBL Bank, Kotak Bank, HDFC Bank, and ICICI Bank, up in the range of 1.5-2.5 percent.

Coal India gained 3 percent after it posted an over a four-fold rise in consolidated profit at Rs 6,024.2 crore for March 2019 quarter on the back of higher sales and lower expenses. CLSA and Citi also raised their target price for the stock.

Berger Paints gained 6 percent after the company reported an increase of 4.91 percent in its consolidated net profit to Rs 111.43 crore for the fourth quarter ended on March 31.

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First Published:May 31, 2019 9:51 AM IST